Mxit Money now in SA
Mxit and Standard Bank have joined forces to provide real money transactions for Mxit’s 10 million active South African users through Mxit Money, its mobile commerce platform.
Mxit users can now send money to each other for free, as well as to anyone with a cell phone for a nominal fee. They can deposit and withdraw cash, buy Mxit Moola, airtime and electricity using money from their Instant Money account via Mxit Money.
According to Mxit CEO Alan Knott-Craig, this will open the social network up to immense retail and trade possibilities, giving South Africans a great opportunity to capatalise on the growing trend towards mobile payments.
“This partnership allows us to offer users the ability to transact in the real world from within their social network. Mxit Money is the portal to a mobile marketplace of 10 million users who, with real money, can purchase content and access applications from our development partners,” says Knott-Craig. “To top it off, Standard Bank, an African bank, is showing the world how to integrate the old world with the new. A bank and a social network are working together to make life easier. Our users win, our partners win and the bank wins.”
Mxit developed the application in collaboration with the Payments Team at FireID, a technology and innovation company from Stellenbosch.
The initial roll out will be limited. Mxit users can register on the Mxit Money contact or via the iPhone app and once a space is available, they will be notified.