Johannesburg-based fintech start-up has launched its newly branded SOLMate prepaid debit cards to round out its service offering that includes an electronic wallet app and virtual card. The company is a duly appointed juristic representative of registered financial services provider PAL LIFE CC and the cards – virtual and physical – are administered by Mastercard.
SOLMate prepaid debit card joins the company’s existing electronic wallet app and virtual card services targeted at lower-income earners and the unbanked
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The prepaid debit card allows users to transfer money into the SOLMate account and use the physical card for transactions at competitive rates. After an initial R120 activation there is a R25 monthly charge (virtual card monthly fee is R15) and card swipes cost just R1.50.
Having a card also allows users access to the other SOLMate benefits like free transfers to other SOLMate users, and waived fees for electricity and airtime purchases. A maximum wallet balance of R25 000 still applies, with ATM withdrawals limited to R15 000 per month and R15 000 per day.
“By launching our prepaid debit cards, we have answered the call from our customers for a more sophisticated card solution that offers the same or better capabilities than conventional bank cards”, says Jonathan Holden, Chief Operating Officer.
Holden explains that the journey into the SOLMate ecosystem starts with the ability for its customers to get paid directly into their wallets by third parties or employers. Customers are then free to use the funds free of charge to buy services such as airtime and electricity and other vouchers, or transfer funds directly to their card, reducing the need to travel from home, stand in queues and ultimately risk their hard-earned money.
“Customers are now a part of a growing digital revolution and are a step closer to real financial inclusion,” he says. “We will add to our offering in the coming months to enable access to more sophisticated products that protect and serve our customers financial interests.”