by AKANI CHAUKE
JOHANNESBURG, (CAJ News) – ELECTRONIC Funds Transfer (EFT) could be a thing of the past as a local financial services provider plans to change the way friends exchange money.

Virgin Money has unveiled such plans with its innovative, peer-to-peer payment application, Virgin Money Spot.

Virgin Money Spot makes sending and requesting money from friends as easy as sending a text message.

“We want to make sending and receiving cash simple. Now you can spot your friend for the meal you shared, or the bet you lost, or your contribution to the grocery bill. You simply spot them the money through the app and we transfer it directly from your bank account to theirs, no fees. It’s that simple,” says Zeyad Davids, Chief Marketing Officer of Virgin Money.

“Virgin Money Spot removes the hassle of exchanging banking details for EFT payments and lets users send money safely by simply entering a phone number or tapping a name on their contact list.”

Virgin Money Spot is a 3D secure payment solution that uses data encryption and PIN-protected payments to provide the simplest, safest and most secure experience possible. Users download the app, link their internet-enabled card from any South African bank, enter a security PIN and exchange money with friends – instantly, securely and for free.

Spot was developed in partnership with mobile software company, wiGroup, the largest mobile transactional platform in Africa that wants to simplify and improve the way the world transacts.

Recently, it was announced that the Virgin Group had invested in the Cape Town-based firm, which will use the funds to fast-track its expansion into emerging and developed markets.

Established in 2006, Virgin Money South Africa currently offers short-term insurance and credit cards.
– CAJ News