Spot Money launched in South Africa

[Jamie McKane]

Spot Money launched in South Africa

Spot Money has officially launched in South Africa, offering locals a mobile open banking platform that integrates with various bank and payment services.

The platform was born out of Virgin Money SA, from which it rebranded in December 2020 following Absa's discontinuation of the Virgin Money SA credit card.

 

[McGuywer]

Is it a bank if I cannot EFT to someone else?

 

[susefan]

If you have cash to deposit there is no way of doing so directly. They want you to deposit it in another bank first and then EFT the amount to SPOT. In store cash top up doesn't work.

 

[Solitude]

The nice thing about FNB is that I make much more ebucks than what my monthly fees are so it works out cheaper.

 

[Hamster]

I'm just here to hear how great Capitec is and how it changed the lives of the poor among us.

 

[backstreetboy]

No thanks. Tyme bank is also free and much more fully fledged.

 

[wernervn]

No thanks. Tyme bank is also free and much more fully fledged.

@Jamie McKane may a comparison article?

 

[Swa]

One thing about these new banks is that there's no way to deposit cash. Tyme seems the best and cheapest option.

 

[3WA]

Can they do debit orders?