South Africa’s telecommunication company, Telkom, has launched a digital wallet that allows users to pay others and get paid themselves using their mobile phone and WhatsApp.
Called Telkom Pay Digital Wallet, or Telkom Pay, the wallet allows people to send money to anyone in their contacts list. It also serves as a cashless point-of-sale payment option for businesses.
In a statement on Wednesday, Telkom Managing executive for 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.”
Users with WhatsApp can add Telkom Pay in the app, register, and can then send and receive money by sharing a ‘please pay me’ with a contact.
The move, Ngwenya said, signals Telkom’s seriousness about being a meaningful player in financial technology.