Everybody wants to be a bank these days, obviously because that’s where the money is (sorry, sorry). Seriously, the latest company to launch its own digital wallet/payment solution is Telkom, which today launched Telkom Pay Digital Wallet — or just Telkom Pay, if you value your time.
The service will be linked to WhatsApp (which isn’t concerning at all) and will do all the usual things. You’ll be able to make and receive payments, and Telkom’s also setting it up as a point-of-sale payment option, meaning businesses could use the service to take in cash for services (or products) rendered.
It was time to make Telkom Pay
Users who want to make use of the service must register the Telkom Pay number (+27 68 483 5566) on WhatsApp. Once it’s added as a contact, they can kick things off by sending the message ‘Hi’. Users can send or receive cash, top up the digital wallet with actual cash, buy airtime, data and prepaid electricity and pay for goods at stores — in much the same way SnapScan works.
There is a monthly service fee for the new offering, but Telkom’s being a little tight-lipped about what it’ll actually cost. There’s also a small transaction fee that, again, Telkom hasn’t detailed beyond calling them “minimal”.
Telkom Financial Services’ Sibusiso Ngwenya said “We are launching financial services solutions that cater to everyone and that are easy to access through one’s phone 24/7 at an affordable price for consumers and businesses,” adding that several other similar Telkom-backed products are already on the market. The service provider already offers device insurance and funeral cover to South Africans so this seems like a logical next step for them.
Check out Telkom Pay here.