"We view MiMoney as a great enhancement to our current offering," commented CEO Davin Mole. "We have developed eXactmobile to a point where we have the top content offering in South Africa. We have over 800,000 live full tracks on offer, including a superb selection of South African music. We're very pleased to offer MiMoney as an alternate payment method on eXactmobile. This innovative payment method allows us to offer music to users at the reduced price of R9.99.'
MiMoney, powered by Standard Bank, enables users without credit cards to transact online, and also addresses the security concerns that users still harbour in using their credit cards online. The virtual payment vouchers are safe and convenient. Users will not incur any additional charges from MiMoney in the purchase or use of the voucher.
The success of MiMoney, as per all virtual money schemes, will hinge on lowering the costs for the consumer, giving them more for their spend. This new payment method will allow the younger generation access to purchases on the web, more cheaply and without the requirement of a bank account or credit card.
"We have great plans for digital music sales in South Africa this year. Key to our plans is the flexibility and security of our billing and payment mechanisms, such as provided by MiMoney," explained Mole. "We will be launching a very sophisticated new service this year, designed specifically for music fans. The site will offer our full database of over one million tracks, available on both mobile and PC downloads, album sales and information on the artist. We've been developing our new sites for almost two years, and it will offer cutting edge technology and features. MiMoney will be a key partner of this new initiative."
When a MiMoney voucher is purchased through a self-banking channel, consumers are asked to provide their cell phone numbers in the beneficiary reference field. Once that transaction has been completed, an 18-digit voucher number is delivered to the specified cellphone number.
When a MiMoney voucher is bought from a “real world” sales agent (such as Ster-Kinekor), the 18-digit number has to be smsed to the number provided on the sales slip, which will activate the voucher. This can then be used at any online retailer/service (like eXactMobile) that indicates acceptance of this payment method.
Users save on transaction fees as the merchant carries this cost. Vouchers are available in any denomination for amounts of up to R1,000 and the monthly limit is R10,000.
MiMoney is not exclusive to a specific bank or service provider, so no matter what bank or cellular provider used, vouchers can be purchased using internet, cellphone or telephone banking, or paying with cash/debit card at participating sales agents.
