Goodbye credit cards?
2008-08-08 15:37
Cape Town - Credit cards may be a thing of the past after the launch of a new cellphone-based payment method in Cape Town on Friday.
Wiwallet, started by Bevan Ducasse last year, encrypts card details onto cellphones and allows consumers to pay at retail outlets simply by punching in their cellphone number.
Ducasse, a young entrepreneur with a background in mobile and retail, cottoned onto the idea after getting tired of his bulky wallet and numerous cards.
"It's the first of its kind in the world that I've seen of making payments like this," said Ducasse, 24.
Bank consultants approve each retail partner that comes on board with the new payment method, which also has PCI compliance - Visa and MasterCard certified security.
Security assured
All card information is encrypted onto a user's cellphone once the application has been downloaded and the necessary steps followed. The company assures its users the best security with no remote access to the stored information.
Wiwallet launched at one of its first partners: Café Neo in Mouille Point. The team of five were on hand to help people register and get started.
"We're starting off with just family and friends for the next two weeks, getting research and feedback, and from there we're going to move into the public and they can download it when we're not around and start using it," said Ducasse.
There is no limit to how many cards can be loaded onto a user's cellphone. The activation transaction on a card costs R4 and is free for the rest of the month for that card. Other cards after that cost R2.50 for the first use of the month.
Consumers type their PIN onto their phone before payment and then type in their cellphone number at the till, confirming the transaction on the phone.
Major retailers
Currently the payment method can be used at selected retail outlets with Primi Piatti, Mr Delivery and Scooters joining next week. "Most major retailers are interested in Wiwallet and some have already started projects to integrate" said Ducasse, mentioning popular grocery stores, clothing retailers and petrol stations.
While the company is starting small the potential, Ducasse acknowledges, is huge.
"I think for South Africans it will mean a simple, secure, convenient and stylish way of paying, but eventually what we are aiming to do is to literally cater for every one of their payment needs: account payments, credit card payments, bill payments and loyalty payments. So it manages all their needs of one platform."