New payment solution to boost e-commerce in SA
Dec 04 2008
Retail Wrap >>

Online retailer, kalahari.net, has launched a pioneering payment solution to address online security concerns and make online shopping accessible to everyone that has a cellphone. MiMoney, powered by Standard Bank, is an electronic payment voucher that can be purchased through self-banking channels (Internet banking, mobile banking and telephone banking) or from participating sales agents.

The electronic voucher is sent to your specified cellphone number and that voucher number is used to shop online from retailers and service providers that accept MiMoney as payment option. Until January 2009, www.kalahari.net will be the exclusive online retail partner, after which other web- and mobile sites will be added to the list of MiMoney partners. SterKinekor will be accepting MiMoney as payment option for movie tickets from the end of December 2008.

Says Gary Hadfield, CEO of kalahari.net, “MiMoney is not exclusive to a specific bank or service provider. So no matter who you bank with or who your cellphone service provider is, you can purchase MiMoney by simply using Internet, cellphone or telephone banking or paying with cash/debit card at participating sales agents. [It] enables people without credit cards to transact online and it addresses the security concerns that many people still have about entering their credit card details online. You don't even have to have a bank account to purchase a voucher and there are no additional charges from MiMoney's side to purchase or use the voucher.”

When a voucher is purchased through a self-banking channel by making a third party payment, consumers will be asked to provide their cellphone number in the beneficiary reference field. Once that transaction has been completed, the 18-digit voucher number is delivered to the specified cellphone number. When a voucher is bought from a ‘real world' sales agent (Ster Kinekor is the first sales agent to sell vouchers from the end of December 2008), the 18-digit number has to be smsed to the number provided on the sales slip which will activate the voucher. The voucher can then be used at any online retailer/service provider that indicates acceptance of this payment method.

MiMoney vouchers are available in any denomination for amounts of up to R1000 and the monthly limit is R10 000.

Adapted from Source: www.retail.bizcommunity, 3 December 2008