Standard Bank has launched a new payment system to enable people who don't have credit or cheque cards to shop online.
Mimoney is aimed at consumers in the 18 to 24 age group, John Campbell, the business manager of mimoney, says. Youth in this age group typically don't have access to credit cards but represent the most active online users in South Africa, he says.
You don't need a bank account to use mimoney. Mimoney can be purchased at one of more than 500 self-service terminals at Ster-Kinekor outlets in major shopping malls around the country.
An 18-digit number (micode) is then sent to your cellphone. The micode has a value equivalent to the amount you bought.
To make an online purchase, you simply enter the micode and your cellphone number in the designated fields on a website's payment page.