Virgin Money South Africa’s peer-to-peer payment app is proving popular with customers and it now has more than 400,000 registered users.
The Virgin Money Spot app, developed specifically for developing markets like South Africa, makes paying or collecting money as simple as sending a text message. Currently millennials (aged 22-37) make up 66 per cent of the app’s user base with men twice as likely to use the app as women.
While its ease of use is important, the most significant benefit that Virgin Money Spot offers is safety and security. Virgin Money SA has just been acknowledged by the international Enterprise Blockchain Awards as a finalist in the Enterprise Transformation category and is the only company in Africa to be recognised in 2019.
“The blockchain accolade is extremely important because consumer trust is paramount to adopting alternative options like Virgin Money Spot as a platform,” Andre Hugo, CEO of Virgin Money SA, said. “While the public may never realise the watertight sophistication of the blockchain technology powering the use of the app, they can be assured of tapping into a seriously innovative platform, internationally recognised for being secure.”
Data from the app shows that most cashless transactions occur in the afternoon. More than 40 per cent of transaction value is made by 30 to 40-year-olds, despite these users being responsible for only 27 per cent of the transaction volume – meaning that users within this age group are spending more per transaction than their younger counterparts. Hugo says this is “to be expected, given their disposable income”.
Hugo believes that Virgin Money Spot is about making life as easy as possible “by giving people financial information, the ability to transact instantly and securely but most importantly, giving them choice”.
In a society where millions of people are unbanked, there is a culture of sending money home to families in and around South Africa and across borders. “Easy, fast, secure transactions for the unbanked population is hugely transformational from a societal perspective,” Hugo said. “The wallet-to-wallet feature which we are introducing later this year for cross-border transactions will greatly improve the cross-border remittance experience for consumers.”
For more information on Virgin Money Spot, visit the Virgin Money website.