aronia
10-04-2010, 03:25 AM
Going cashless
Apr 08 2010 07:15
Marc Ashton
[http://www.fin24.com/articles/default/display_article.aspx?Channel=News_Home&ArticleId=1518-2387-2524_2578791&IsColumnistStory=False
THERE HAS been quite a lot of buzz on Fin24.com over the last week about how technology-driven solutions will change the way South Africans interact with their bank.
First National Bank (FNB) has revved up its brand significantly with its PayPal coup, Nedbank has made up some ground with its M-Pesa partnership with Vodacom and you have the CEO of Standard Bank South Africa waxing lyrical about the opportunities for mobile banking solutions at the lowest end of the market.
We finally have some means to move us towards a cashless society, with tools which empower us as consumers to challenge charges supposedly levied by the banks for the risks they take in carrying all the cash we need.
With all the PayPal hype, local products like Mowaly, Instant Money and MiMoney are not getting the exposure they deserve.
I interviewed John Campbell from MiMoney last week and he pointed out how hesitant South African consumers are to try out these technology revolutions. We are happy to buy products like books, flowers and CD's online, but shy away from the idea of using an e-currency to pay for things like movie tickets. People just hate being moved out of their comfort zone.
It is a fair point - we spend time reading and writing about how a new technology is going to materially change the way we approach money and the opportunities to transact with online businesses. Yet we don't actually go out and try it ourselves.
Go on, give it a go!
For example, I'm the parent of a 12-year-old child. I would like her to be able to go out to a movie without the risk of carrying cash or purse around, yet I don't try out the technology which empowers us to do exactly this.
I cuss my domestic worker when she is robbed of her savings at the taxi rank on the way home, but I don't try out the tools which would remove the need for her to carry this cash.
Tell me about it and I will forget it. Make me do it and I will remember it.
So this is my challenge to Fin24.com readers this week: between now and my column next week Thursday, I would like to see how many of you are prepared to try out one of these services on your cellphone and interact with a merchant.
It doesn't matter who the merchant is or the value of the item; the point is more that we have tried the technology.
For those who use Twitter, I'd like to follow the experiment and see whether we can make it a trending topic at some stage on Thursday. Those who participate can use the hashtag #Fin24goescashless.
Those who aren't twits, just drop me an old-fashioned e-mail and tell me about your experience and I will collate the responses for my column next week.
I'll even chuck in a prize of some description next week for the best response.
Look forward to seeing the responses.
Apr 08 2010 07:15
Marc Ashton
[http://www.fin24.com/articles/default/display_article.aspx?Channel=News_Home&ArticleId=1518-2387-2524_2578791&IsColumnistStory=False
THERE HAS been quite a lot of buzz on Fin24.com over the last week about how technology-driven solutions will change the way South Africans interact with their bank.
First National Bank (FNB) has revved up its brand significantly with its PayPal coup, Nedbank has made up some ground with its M-Pesa partnership with Vodacom and you have the CEO of Standard Bank South Africa waxing lyrical about the opportunities for mobile banking solutions at the lowest end of the market.
We finally have some means to move us towards a cashless society, with tools which empower us as consumers to challenge charges supposedly levied by the banks for the risks they take in carrying all the cash we need.
With all the PayPal hype, local products like Mowaly, Instant Money and MiMoney are not getting the exposure they deserve.
I interviewed John Campbell from MiMoney last week and he pointed out how hesitant South African consumers are to try out these technology revolutions. We are happy to buy products like books, flowers and CD's online, but shy away from the idea of using an e-currency to pay for things like movie tickets. People just hate being moved out of their comfort zone.
It is a fair point - we spend time reading and writing about how a new technology is going to materially change the way we approach money and the opportunities to transact with online businesses. Yet we don't actually go out and try it ourselves.
Go on, give it a go!
For example, I'm the parent of a 12-year-old child. I would like her to be able to go out to a movie without the risk of carrying cash or purse around, yet I don't try out the technology which empowers us to do exactly this.
I cuss my domestic worker when she is robbed of her savings at the taxi rank on the way home, but I don't try out the tools which would remove the need for her to carry this cash.
Tell me about it and I will forget it. Make me do it and I will remember it.
So this is my challenge to Fin24.com readers this week: between now and my column next week Thursday, I would like to see how many of you are prepared to try out one of these services on your cellphone and interact with a merchant.
It doesn't matter who the merchant is or the value of the item; the point is more that we have tried the technology.
For those who use Twitter, I'd like to follow the experiment and see whether we can make it a trending topic at some stage on Thursday. Those who participate can use the hashtag #Fin24goescashless.
Those who aren't twits, just drop me an old-fashioned e-mail and tell me about your experience and I will collate the responses for my column next week.
I'll even chuck in a prize of some description next week for the best response.
Look forward to seeing the responses.