Today we are reviewing an offering called Mobile Money, which is operated by TYME(Take Your Money Everywhere) – a distribution channel of The Bank Of Athens. The product works in conjunction with the bank, and gives you the ability of transacting at Pick n Pay and Boxer stores. This cellphone process is run via USSD, and is powered by MTN. What caught our eye was Mobile Money’s ability to make payment at cashiers, and also allows an array of other features namely :
- Send and receive money
- Deposit and withdraw money
- Buy prepaid airtime
- Buy prepaid electricity
How to register?
- Dial *120*668# on your mobile phone
- Enter your South African ID number
- Confirm your ID number
- Agree to the terms and conditions
- You will receive an SMS prompting you to confirm your registration and to set your 5 digit Mobile PIN number
- Confirm your Mobile PIN number by entering it in again
- Your registration is now complete
How to deposit money?
The process is fairly simple, you go to your nearest Pick n Pay or Boxer, follow the prompts to “Deposit” on the Mobile Money menu on phone, and once your “WiCode” for the transaction appears on the screen, hand that and the money to the teller. An sms will be sent to you to confirm the deposit.
How to pay at the till?
What set this product apart from other SA products available lately, was mobile money’s ability to pay for your groceries at Pick n Pay and Boxer stores. This service can simply be accessed by dialling *120*668#, selecting the “Pay at till” option, following the prompts to confirm your request, and thereafter a “WiCode”(available for 15 minutes) will be sent to you, which you simply give to the teller.
- Ability to send money to other Mobile Money account holders
- Low fees(most transaction are free to MTN subscribers, and only R1 to non-MTN users)
- It provides an alternative payment if you forget your wallet at home
- Deposit and Withdrawal costs are relatively on par with other mobile wallets in the market
- The Mobile Money account gives you access to transact with debit orders as well, just as a normal transactional accoutn does
- A very simple and easy to use menu
- If you forget your pin, a new account has to be registered (this question was posed to the call-center, and this was the solution)
- The pay at till option is limited to the two retailers (Pick n Pay and Boxer)