SendSpend has officially launched its global payment system which enables the unbanked to pay online and remit money instantly to each other using only a smartphone.
Simply put, millions of unbanked customers throughout Africa with an Internet connection and access to a smartphone will soon be able to use SendSpend, a payment system not restricted to a particular mobile network or financial institution.
The platform, which is now available in South Africa, is entirely digital and free for consumers, who can use SendSpend within minutes of registering via a downloaded App.
“SendSpend is committed to enhance and uplift the lives of people in underserved local communities. Financial inclusion is a primary focus in achieving one of the UN’s Sustainable Development Goals of eliminating poverty and SendSpend is very proud to be part of this very ambitious goal,” says SendSpend Group Director and co-founder, Tracy Andersson.
“We want to enable economically marginalised consumers to participate in the digital economy by having access to financial services.”
Unlike most other mobile payment systems, which are either linked to a bank account, a traditional payment card, or a mobile operator, this platform is solely owned and operated by SendSpend. This eliminates unnecessary costs and complexities in the supply chain, enabling a much more affordable and user-friendly service to merchants and consumers.
“We set out to develop a payment system that was affordable, secure and functional,” says Graham Davies, co-founder of SendSpend. “In addition, SendSpend’s flexible and dynamic architecture enables us to adapt to different compliance and regulatory requirements encountered by different countries.”
Customers top up a virtual card or withdraw funds at one of SendSpend Cash In/Out Agents. Once the virtual card is loaded, funds can be spent at any participating merchant either by scanning a QR Code or by merely entering the registered mobile number into an online checkout.