Virgin Money updates its Spot app used in South Africa with blockchain

By professo

Virgin Money SA has upgraded Spot, its person-to-person payment app – aiming to make it more accessible, functional, and safe.

Opposed to its previous method, the app used in South Africa, now allows access to customers regardless of a 3D secure bank card.

Spot 3.0 was developed using Distributed Ledger Technology (Blockchain), utilising the technology’s speed and security.

Virgin Money has incorporated Spot Wallet, a digital wallet that adds and receives money from bank accounts.

“With the previous version of the app, payments went directly into the credit or debit card linked to the app. With Spot 3.0, all payments and referral rewards are paid into your Spot Wallet instantly,” stated Andre Hugo, CEO of Virgin Money SA.

SEE ALSO:

“New and existing customers can now simply link their bank accounts to cash out money from their Wallets.”

Following the app’s update, customers are now able to pat merchants using Spot 3.0 by scanning a QR code.

“Customers will need to add a bank account to cash out money from their Spot Wallet; other than that, the experience for existing customers has been enhanced, as they’re able to send and receive money into their Spot Wallet in an instant, with no monthly subscription fees and no transaction fees. It’s simple, safe and social,” Hugo continued

“Virgin Money Spot is the first retail micro-token exchange in South Africa. What this means for consumers is that we can transfer value in a fast, cost-efficient and transparent manner that protects against fraud and gives our customers peace of mind.”

“All Spot transactions are recorded in our Blockchain ledger, which means they are tamper-proof. So, Spot is not only mobile, convenient and instant, it’s also secure.”

Share

Featured Articles

SAP creates new EMEA region and announces new President

SAP has announced it has appointed a new President for a newly-created EMEA region, aiming to make the most of the opportunities of cloud and AI technology

How SAP is facilitating continuous business transformation

Technology giant SAP has expanded its portfolio with the acquisition of LeanIX, a leader in enterprise architecture management (EAM) software

Siemens and Microsoft: Driving cross-industry AI adoption

To help businesses achieve increased productivity, Siemens and Microsoft are deepening their partnership by showcasing the benefits of generative AI

Sustainability must become central to corporate strategy

Sustainability

The endless benefits of putting your people first

Leadership & Strategy

Working from anywhere: SAP uncovers secret life of employees

Human Capital