WiWallet
Dec 11 2008
Retail Wrap >>

WiWallet was launched commercially in August with a number of small retailers and restaurants in Cape Town. WiWallet (partnering with the UCS Group) is a technology that links all your credit cards to one platform and enables payments at the point of sale with the use of a cellphone. 

Consumers are charged R4/month to link their credit cards with their cellphones. If no transactions take place in any given month, the subscription fee is waived. There is an additional R2,50/month per credit card loaded. Banks still receive the card fee from the merchant (2-6% of the transaction value). Consumers install an application on their cellphones, which they then use to pay for products at retailers’ points of sale. Loyalty programmes are also included for participating stores so points can be loaded and redeemed from the device.

WiWallet was launched commercially in August with a number of small retailers and restaurants in Cape Town. WiWallet (partnering with the UCS Group) is a technology that links all your credit cards to one platform and enables payments at the point of sale with the use of a cellphone. 

Consumers are charged R4/month to link their credit cards with their cellphones. If no transactions take place in any given month, the subscription fee is waived. There is an additional R2,50/month per credit card loaded. Banks still receive the card fee from the merchant (2-6% of the transaction value). Consumers install an application on their cellphones, which they then use to pay for products at retailers’ points of sale. Loyalty programmes are also included for participating stores so points can be loaded and redeemed from the device.

Adapted from Source: Financial Mail Corporate Report, UCS Group, 19 September 2008