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South Africa “fintech startup-turned-empire” WiGroup wants to become the catalyst in growing mobile transactions. This comes after it announced that it will no longer charge a transaction fee for its open mobile payments.
As company CEO Bevan Ducasse explains, this means that bank payment applications will now be able to connect to WiGroup’s network of over 55 000 till lanes, without adding any additional transaction costs to their current acquiring fees charged to merchants.
“Due to the ever-changing mobile landscape, and in order for all parties to benefit, including banks, retailers and end users, the need for an open and collaborative ecosystem is essential,” Ducasse says in a recent announcement.
Founded in 2008, WiGoup has processed over R4.2-billion worth of transactions. The fintech company has more than 60 clients, including the likes of Woolworths, Pick n Pay, Shoprite and Vodacom. Earlier this year, Ducasse told Ventureburn that some of South Africa’s top banks are to join WiGroup’s client base soon.
“It is our hope that this step will be a massive catalyst to assist the growth of mobile transacting, allowing the ecosystem in South Africa to thrive,” continues the CEO.
With a major investment from Investec Asset Management in the bag, the company is also looking to secure itself as the main facilitator of mobile transactions in Nigeria, Namibia, Kenya, and other emerging markets.
The Cape Town-headquartered company adds that it will continue to generate revenue from all the other mobile transaction types, such as money transfers, vouchers, coupons, loyalty, gifting and rewards.