via Mobile firms, banks sign up to new platform | The Herald June 27, 2014 by Conrad Mwanawashe
MOBILE network providers and banks have signed up to a new platform that allows mobile transacting at the Point of Sale in real time and allows customers to make deposits into their bank accounts at any POS.
The new platform, known as wiPlatform — developed by a local company, Kuronda Venture Partners in partnership with wiGroup International, a global mobile money service provider — allows for real time transactions, saving retailers from the current tedious reconciliation at close of business.
KVC chief executive officer Mr Tirivashe Mundondo said negotiations with more local banks and mobile network providers for the adoption of the mobile transaction platform at the POS are at an advanced stage.
“We have reached an agreement with one mobile network provider and one bank for the wiPlatform targeted at the local retail sector especially supermarkets,” said Mr Mundondo.
wiGroup specialises in the provision of point-of-sale integrated mobile transacting platforms. The wiPlatform is currently integrated to over 40 000 retail till lanes across South Africa and has processed over R2 billion in transaction value.
“As things stand, there is no application that can integrate all networks. This has seen some banks incurring huge costs in setting up in-store ATM points and what wiGroup has developed is a simple and ever-evolving ecosystem that brings together customers, retailers, brands, agencies, banks, mobile networks, and local and global app developers through this one interoperable platform,” said Mr Mundondo.
Local retailers already have compliant point of sale systems as well as the requisite network configurations so there is no need for extra set-up costs.
The technology has already been successfully operationalised in South Africa, where wiGroup has managed to integrate some major retailers such as Pick ‘n Pay, Checkers, Shoprite, KFC, Nandos among others.
“As KVP, we have deliberately preferred to partner wiGroup for their reputation, success and expertise to implement this prudently selected game-changing mobile payment innovation in the country and we are confident of the value and contribution that we will make to the economy,” said Mr Mundondo.
wiGroup and Kuronda Venture Partners will be engaging retailers, mobile wallet providers and other merchants from next week to promote the uptake of this technology and leverage on the growth in mobile technology by rolling out this convenient technology in Zimbabwe.
It allows retailers to accept withdrawals and deposits on behalf of banks as the growth in mobile money transactions is taken to new levels.
Mobile transactions have surged by 56 percent whilst point of sale transactions also grew significantly by 47 percent according to the Reserve Bank of Zimbabwe monthly economic highlights released in April.