The first agreement will involve FNB embedding the mPowa tools and software into its own merchant services‚ which will enable them to tailor the look and identity of the card service while maintaining the sophisticated and patented functionality that mPowa offered.
mPowa works by using a free mobile phone app and a reader which connects to a smartphone or mobile device by plugging into its headphone socket or connecting via Bluetooth.
FNB said mPowa enables companies and individuals to accept card payments from their customers on the go and its mobile app is free to download on iPhone‚ iPad‚ Android‚ Windows and Blackberry devices.
Dan Wagner‚ chairman and CEO of mPowa‚ said of the deal with FNB: "We're delighted to have signed this important deal with FNB. It will enable them to mobilise thousands of their business customers which in turn will allow them to be much more flexible in how they do business. In today's marketplace‚ nobody wants to be tied down to a fixed location."
The other deal comes just days after Mxit signed another agreement with Standard Bank (SBK) under which its customers could send money via the social network. Mxit said yesterday that FNB Moola+ would enable Mxit users to buy Moola‚ Mxit's online currency‚ at discounted rates.
"The result is 35% bonus Moola for every Rand spent compared to buying it via premium rated SMS‚" the company said in a statement.
"This latest Mxit Money partnership gives Mxit's 10 million active South African users yet another banking service with which to transact on the social network‚" it said.
SA banks have embraced mobile banking technology as an alternative delivery channel to cut costs while reaching the unbanked and under-banked‚ where building a branch network is not commercially viable. The integration of mobile and banking technology is seen by analysts as the next revolution that will result in the mobile phone being turned into a virtual banking hall.
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
