Vodacom financial services has announced a partnership with Alipay, a global digital lifestyle services platform, to develop a super-app that brings inclusive mobile solutions to South African consumers and merchants through innovative digital technologies.
Vodacom will work with Alipay to leverage their global learnings and develop the super-app that will not only offer stellar digital customer experience, but bring to life a market place of goods and services tailored to the South African customer needs underpinned by a progressive digital payments ecosystem designed to serve both the banked and unbanked parts of the population.
Shameel Joosub, Vodacom Group Chief Executive Officer said: “This partnership is a significant milestone in promoting greater financial inclusion within the communities in which we operate, accelerating our financial services aspirations across Africa. We already offer South African customers an ecosystem of innovative digital financial services products, but this technology partnership with Alipay will enable us to be on par with leading global digital counterparts quicker and more efficiently.”
Alipay is an innovative global technology provider that serves more than 1.2 billion users worldwide together with its global e-wallet partners.
Guoming Cheng, Head of Global Payment Partnerships at Alipay parent company Ant Group, says, “Alipay seeks to work with like-minded partners around the world, to bring innovative and inclusive digital daily life services to consumers and small businesses globally.”
In just four years, Vodacom Financial Services has grown from a loss-making entity into a business that has more than 12 million customers using its products and contributes R1 billion in profit to the Vodacom Group.
With access to 43 million active Vodacom customers, Vodacom Financial Services is looking to take bespoke digital financial services in the country to an unparalleled level.
For consumers, the platform will offer a user-friendly, end-to-end experience that will improve transaction efficiency and introduce easy-to-use money management tools.
The new technology will also allow access to digital lifestyle solutions such as streaming music, playing games and watching videos, e-news, cab-hailing and much more. The application is completely customisable to meet the specific financial and transacting needs of the user.
There will also be support offered to the SME businesses such as bespoke, programmatic advertising as well as real-time and direct marketing solutions – all zero-rated for customer consumption.
The mobile payment platform will also be seamlessly integrated into the physical footprint of Vodacom’s VodaPay Point of Sale devices, offering merchants a single-payments processing solution for physical and mobile commerce. It will potentially help previously underserviced SMEs access to the best financial services solutions such as lending through VodaLend, access to business Insurance products as well as being able to seamlessly order products from suppliers.
Vodacom will embark on a drive to recruit and develop the best skills to ensure that the application is available in early 2021.