Nedbank and Mastercard launch WhatsApp payments with Money Message
South African lender Nedbank has launched a new Mastercard-backed service, Money Message, to allow payments via WhatsApp.
Money Message claims it allows customers to create bills and send them to friends via the messaging service.
It can also link together bank accounts and make payments through a “secure connection”.
Existing Nedbank customers can sign up to the service by saving a number on their phone and starting a chat with the contact on WhatsApp.
Users are authenticated via an upload of their passport and an image of them holding a thumbs up.
Nedbank says its new service is “perfect” for small businesses and sole traders. Users don’t need to be registered businesses or have a business account with the bank.
At the time of launch there is no restriction on transfers using Money Message, though bills cap at to R 4,000 ($280) per transfer and up at R 50,000 ($3,509) per month.
A beta version of Money Message has been available to “a small selection of micro merchants” since March. Nedbank and Mastercard say the full service will roll out during the rest of this year.
“Every business owner is looking for ways to increase sales and reach new customers using different channels,” says Suzanne Morel, Mastercard’s manager for South Africa.
“[Now they] can achieve these goals and create greater customer loyalty with little to no investment beyond the phone they already have.”