On The Money - In Brief
- South Africa's Competition Commission has approved the sale of Tiscali's cellular mobile telephony business to Vodacom. The deal, worth R42 million, will see the Vodacom Group acquire the Tiscali operation through a wholly-owned subsidiary, the Vodacom Service Provider Company. Market sources suggest the Tiscali operation probably has in the region of 15,000 individual customers.
- Larger enterprises are increasingly using electronic payments instead of cheques when it comes to business-to-business (B2B) transactions. This report has been produced by MasterCard International and Ariba, published as the 'B2B Spend Management Survey'. Although 80 per cent of all B2B deals are still completed with cheques, two-thirds of companies with annual revenues of more than USD500 million use some form of Electronic Invoicing Presentment and Payment (EIPP) systems to streamline their financial management processes. According to senior Vice President and General Manager of MasterCard Southern Africa, Eddie Grobler, there were about 9.58 billion B2B transactions worldwide last year. Of these, 7.63 billion, or 80 per cent, would have involved cheques. But they continued believing that electronic B2B payments will grow from 20 per cent today to almost 50 per cent by 2010.