- Telkom, which is a major provider of communications technology in South Africa, has confirmed that its digital wallet functionality will be expanded from a pilot effort thanks to a pairing with the investment platform company EasyEquities.
- Telkom has managed to secure lots of subscribers during the pilot phase of its existence, and the new move will see its WhatsApp-based services such as bill payments, insurance purchases and investment opportunities offered to more people.
- A spokesperson for the firm told Business Insider South Africa that the new “commercial partnership” will be based on the pilot scheme, which “is going well”.
A leading provider of communications services in South Africa has struck up a new partnership as part of a push to provide digital wallet services.
Telkom said that it will be working alongside EasyEquities, which is a financial technology investment service.
The two companies will together work to capture current digital wallet customers and bring them over to the platform.
It will be largely WhatsApp-based.
Communication between the provider and the customer is expected to take place on a specific channel on the messaging application.
The news comes after Telkom confirmed that it had taken on board 10,000 subscribers during a pilot run of its digital wallet offering.
It takes place against a backdrop of booming provision when it comes to online money transfers and associated financial services.
Other companies in the telecommunications field, such as MTN with its ‘MoMo’ mobile money service, have seven-figure user bases at the moment.
In a press interview with Business Insider South Africa, Telkom shed more light on the background to the new move.
It explained that the payments and digital wallet service would be happening in the context of investment products.
“It’s a commercial partnership where we will allow our customers to have access to EasyEquities suite of investment products via our digital wallet proposition,” the company said.
It went on to say that the pilot scheme had been positive so far.
“We have a digital wallet proposition that we have been piloting with our customers since the beginning of this year and it is going well,” it said.
“This is a wallet where customers can, via a WhatsApp channel, link their bank card to make payments.”
The firm also confirmed that a wide range of other financial services would be available as a result of the move.
Investment offerings will be powered by EasyEquities, but it will also be possible to purchase telecoms products such as mobile data and airtime.
Insurance products will also be available, while the payments side of the service will allow bills to be settled.
EasyEquities, the partner provider, was set up in 2014 and is owned by Purple Group Limited.
It is designed to allow customers to make investments at a low cost.
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