Nedbank launches WhatsApp payments with the introduction of Money Message in collaboration with Mastercard. Always looking for ways to advance the ease of payment done by its customers. Nedbank, a South-African lender recently launched ‘Money Message’ through Mastercard service which allows payments via WhatsApp. This venture creates an avenue for customers to create bills and pay via WhatsApp. It is said that this new avenue has a feature which enables bank accounts to be linked together and payments can be made through a “secure connection”.
Nedbank existing customers can also sign up to the service by chatting with their contact on WhatsApp. Due to the increase in the rate of cybercrime, measures have been taken to ensure that their customers are authenticated; this they do by asking customers to upload their passport an image of them holding a thumbs up.
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During the press release where Nedbank launches WhatsApp payments, Nedbank expressed this new venture is perfect for small businesses and sole traders because they do not need to have a bank account with the bank or be a registered business to have access to it.
At the time of its launch, there were no restrictions on transfers using the platform, though bills cap at to R 4,000 ($280) per transfer and up at R 50,000 ($3,059) per month. They have a beta version which has been available since March to small sections of micro merchants. In collaboration with Mastercard, the full service will be available before the year runs out.
Suzanne Morel, the manager of Mastercard in her speech said this :
“Every business owner is looking for ways to increase sales and reach new customers using different channels. Now they can achieve these goals and create greater customer loyalty with little to no investment beyond the phone they already have”.