Archives For September 2012

Weview Wednesday with Mimoney

Rowan —  September 19, 2012 — 1 Comment

Mimoney is a payment mechanism that allows you to transact electronically without using your card. You can use Mimoney for online purchases at certain merchants as well as certain retailers that accept the Mimoney vouchers. We decided to test out the Mimoney application and logged onto http://www.mimoney.co.za . Most of the retailers that accepted Mimoney were actually online stores. We thought we would test out buying a movie ticket at Ster Kinekor.
To buy a Mimoney voucher that will be accepted you have a few payment options:
Option 1 – Eft transfer
Option 2 – Standard Bank Autopay. Standard bank internet banking process followed. ( One could actually use your internet banking to buy a Ster Kinekor ticket)
Options 3-5 are Payfast. You get redirected to Payfast site. Again you can pay using Autopay and eft option); a Mimoney Terminal, Ster Kinekor Counter(also physical, defeating convenience intention)
After payment 18 digit sms voucher is sent to your cellphone. You can continue to book your movie ticket on Ster Kinekor website and input 18 digit voucher under the payment section when booking movie. You then receive confirmation number for the ticket. Once you get to the cinema you still have to redeem your confirmation number for a physical ticket.
Our conclusion of regarding the whole process:
The Pro’s:
It does provide an alternative to using a card when paying, as it can be paid for via eft or Autopay(only standard bank customers) immediately, thereafter it can be redeemed at the Self-help machines. It would work for Standard Bank card holders with Savings accounts who don’t have cheque or credit cards, but internet banking has to still be available.
The Con’s:
The payment process’s have to still be followed i.e. Autopay(Standard Bank), EFT (for other banks)Mimoney terminal, Payfast(Autopay or eft). This means the whole process is long and tedious -thereafter still going to the self-help machine to redeem ticket.
With many customers using the self-help or online purchase with cheque or credit cards, the queues are not as long as a few years back, therefore going to the counter and paying with cash or debit cards you can still get you to the movie ontime.

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Thoughts for Tuesday…

Rowan —  September 11, 2012 — Leave a comment

Kim Kardashian, Majic Johnson, Suzie Ormon and a host of other celebrities all have their own prepaid cards. Would you buy a prepaid card endorsed by celebrity? Let us know @tutuka

We have decided to make Wednesday a “Weview Wednesday” as a new feature of the blog. On this day we will review a new prepaid product in the market. Our first product we came accross is the FNB Facebook application.
Everyone in SA is well aware of Steve from Beep bank( @Steve_Beep_Bank) So Steve’s been going on about the FNB application on Facebook that allows you to perform certain banking functions via your Facebook account. Some features including purchasing of vouchers and the ability to send it to friends on Facebook. Some of the vouchers available include prepaid electricity, airtime, data bundles. This seemed like an innovative idea as you could also send the vouchers to a friend. So I thought as part of “Weview Wednesday” I would try out the FNB Facebook app. It was easy enough to find it on Facebook. However what wasn’t very clear about the product is that you need use your cellphone banking to allow you to make use of the functionality.
I thought I would call the FNB help desk to find out more about how to use it. Sorry to say Steve but the help desk was unable to offer much assistance on the product. I decided to give the product a try on my own by purchasing an airtime voucher. There wasn’t a huge choice of vouchers you could actually purchase. Going back to Facebook you can choose the voucher value you require but when completing the transaction you are directed back to cellphone banking and receive the PIN via cellphone. Whilst I do recognise the security aspects of using a cellphone for the purchase, I found the entire process quite tedious for a voucher.

Tutuka review of FNB application

In regards to sending vouchers to someone else on Facebook, after completing the transaction, I had to log onto FACEBOOK to send the voucher to your friend using the PIN you have received through cellphone banking.

My verdict of the experience. I thought the concept of banking and buying prepaid products via Facebook is very innovative. FNB as a bank are certainly targeting the youth market with its social media campaign. However from my experience it’s not as convenient as one may expect it to be. One is still using cellphone banking for the most part. I’m not entirely sure why someone would us the Facebook application if you could do possibly the same via your normal internet banking portal? It also does require some fine tuning around the usability and support around the product. It did fall short of the promise of being able to do banking via Facebook. I think Steve has some work to do!