South Africa: Firm Up for Mobile Innovation Award

Mergers, Acquisitions and Financial Results

South African mobile services company Oltio has been nominated in the "best mobile money innovation" category at the annual GSMA Global Mobile Awards for its payD platform, which turns a user's mobile phone into a remote point-of-sale device.

Oltio is a joint venture company between pan-African mobile network operator MTN and Standard Bank.

Through the payD platform, launched in August, consumers can purchase products and services online and use their debit cards to pay for the purchase while making use of their mobile phones to enter their PINs.

The technology is also used by Oltio parent company MTN for its Eazi Recharge pre-paid airtime top-up service, which already has over 110000 users.

"Just being nominated is an honour for us," Oltio head of new business development Dave Parratt said in a statement this week. "It is recognition that our commitment to innovation and in particular, making e-commerce accessible to more South Africans, is paying off."

He added that the company believed that payD had the ability to fundamentally change how consumers conduct online transactions, with more than 170 merchants who make use of the platform.