Absa launches digital bank Spot Money in South Africa
South Africa-based, Absa Bank, has officially launched its new mobile banking platform called “Spot Money”.
The open banking platform integrates with various bank and payment services.
The platform was spun out of Virgin Money South Africa, which rebranded in December 2020. The rebrand followed Absa’s discontinuation of the Virgin Money SA credit card.
Spot Money customers can remotely set up bank accounts without monthly fees and virtual cards.
The platform offers a number of features including loans, insurance and money transfers.
Users can also get auto insurance or life and funeral coverage quotes through the Spot Money app.
“The Spot app was designed to be a super app, combining payment functionality, digital banking functionality and a financial services marketplace,” says CEO, Andre Hugo, in a statement.
Registering for a Spot Money account can be done entirely on the application, with users scanning their ID as well as taking selfies which are processed through Home Affairs before the application is processed.
“Once users sign up for an account, two accounts are automatically created – a primary account and a reward wallet,” Hugo says.
“Each time you pay at one of our reward partners, you automatically earn cash back into your reward wallet.”
Users can also create multiple wallets that have their own virtual cards for online shopping and other once-off payments, as well as subscription services.
Spot Money will also release a shared wallet feature soon, which will allow users to share funds across multiple Spot accounts.