Spot Money, South Africa’s first open banking marketplace that offers a mobile money solution managed by an app, has partnered with Pargo Co., Ltd, a local logistics startup that has seen the popularity of its “click and collect” in-store collection service over the last year, to effectively and efficiently deliver the Spot Money service.
Spot Money, which launched early 2021, is the country’s first Open Bank, aiming to serve as a one-stop-single customer-centric platform that caters to all of a user’s financial needs.
The service is provided by a ‘Super App,’ which operates in tandem with the physical Mastercard card.
Users will be able to tap-and-pay at select Mastercard retailers with the physical card, promoting the ever-growing contactless payment system.
As an open banking service, Spot Money’s services revolve around the use of its app, which allows users to access a variety of services including free money transfers between Spot Money users, contactless payments, loans, and insurance products.
Spot Money’s Chief Marketing Officer, Zeyad Davids, explains that the alliance with Pargo allows the fintech to distribute its physical debit cards quickly and easily.
“Our partnership with Pargo has provided us with a convenient, cost-effective distribution solution that keeps our Spot debit cards secure and allows us to quickly reach a larger customer base, which conventional delivery methods don’t always allow for.”
Spot Money users will be able to order their debit card directly via the Super App thanks to the partnership between the two tech startups.
Pargo will supply the card at no cost to the customer.
Users will be able to pick up their Spot Money debit cards at any of the 100 Pargo Pickup locations in Clicks locations around the country.
The Click and Collect choice, according to Lars Veul, CEO of Pargo, is a further extension of the startup’s dedication to simplicity and ease of access to its financial services.
“As we’ve seen with the continued growth of Click & Collect over the last year, South Africans are embracing the opportunity to take charge of their day through in-store collection.
We discovered that the same time-crunched South Africans who prefer Click & Collect when shopping online are also interested in a smooth delivery experience when receiving other items, such as debit cards, since it allows them to avoid having to queue for service again.”
Users can order cards via the app and choose their preferred delivery method. Users should be aware that if they want to collect their card, they must do so within 14 days.
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