Pay2 P2P app starts up in South Africa, backed by FNB, Investec and Nedbank
16 February 2018
South African businessman Henry McCarter has launched a mobile banking app called Pay2 which he says will help change the way people transact with one another, reports Pretoria News. The app enables users to pay anyone instantly from a smartphone, regardless of bank or mobile operator. The company has associated itself with FNB, Investec and Nedbank, which hold the funds for Pay2, because the company is not a deposit-taking institution.
McCarter said the app served those who had to make person-to-person (P2P) transfers safely and conveniently, such as to pay staff, or to family members. Through the Pay2 app, stokvel groups (small credit unions), churches and charity organisations that collect large amounts of cash, will be able to move their money without the risk of being robbed, he said, referring to high bank charges or the danger of carrying cash. McCarter said Pay2 is ideal for parents sending money to their children and for paying bills like rent, tickets or a restaurant bill.
McCarter compares the app to international giants such as Pay Fast and PayPal. The fee for any transaction within the country, big or small, is ZAR 7. McCarter said the brand had so far been well received, with people impressed by the speed and ease at which they could transfer money via their mobile phones.