A partnership between Mxit and the First National Bank (FNB) means users can now integrate their payment options on the platform by incorporating a new service, branded FNB Moola+.
Moola is the virtual currency that Mxit users utilise on the platform. Buying Moola has been made easier as a result of the partnership with the FNB’s eWallet service.
“FNB Moola+ enables Mxit users to buy Moola, Mxit’s online currency, at discounted rates. The result is 35 percent bonus Moola for every Rand spent compared to buying it via Premium Rated SMS,” the bank said in a statement.
Yolande van Wyk, CEO of FNB eWallet Solutions said: “eWallet is more than just a money transfer solution and we are continually extending the functionality. With the integration into Mxit we are taking advantage of the micropayment potential of Mxit Moola.”
According to Alan Knott-Craig, CEO of Mxit, Moola is a critical piece of their platform. “As Mxit’s platform strategy matures, there will be more opportunities to interact with applications, games and content and this will be done using our online currency,” he said.
The greatest challenge for mobile commerce is the integration of payment systems.
Knott-Craig says that the initial way to effect mobile payment was to use a premium SMS service, which is an expensive route for companies. He said that the partnership with FNB means that they can now offer users even more value.
“This will have a positive knock-on effect into our partner network. The more Moola our users have to spend, the better for each developer of the various games and services,” Knott Craig said.
Lately, Mxit has been an aggressive bidder.Last week, it purchased another mobile social network, Motribe, which by then had over 19,500 communities encompassing 4 million users on the platform.
