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Money Message: Nedbank launches WhatsApp payment service
Nedbank has launched a new service called Money Message that offers payment services for businesses via WhatsApp.
The bank unveiled the service on 21 April.
Using Money Message, businesses can send bills to their customers who can then make secure payments through the messaging app.
“The need for a diverse range of contactless payment methods is more important today than we could have possibly imagined, as we seek to rebuild the economy by giving businesses the ability to transact in a safe and secure way,” said Nedbank’s executive of emerging payments, Chipo Mushwana.
“Money Message looks to overcome a variety of cost, security and technical barriers by enabling micro merchants and their customers to transact with each other easily on an existing platform, which is WhatsApp.”
How Money Message works with WhatsApp payments
Nedbank collaborated with Mastercard and payment service Ukheshe to create Money Message
To use the service, users must have WhatsApp downloaded on their mobile device. Anyone with a valid South African ID can sign up for the service.
Users must supply a photo of their ID or passport to register, in compliance with financial regulations. Users also need to take a photo of themselves making a thumbs up.
Once they’re signed up, business owners can send request-to-pay messages to their customers. Customers must then register their card details after which they can make payments via their cellphone numbers or QR codes.
“By enabling smaller businesses to request digital payment through WhatsApp, smaller businesses can achieve these goals and create greater customer loyalty with little to no investment beyond the phone they already have,” Mastercard South Africa Country Manager, Suzanne Morel, said in a statement.
The service does not have a daily maximum amount for bills sent. However, bills have a maximum restriction of R4 000 each and a total of R50 000 per month.
It costs businesses R2 to create a bill and the service charges a 2.75% commission fee.
Feature image: Supplied/Nedbank
