Three South African developers who spent time in the USA have created the Slide app, which has the potential to start a payments revolution in the country.
"In the US we witnessed the huge growth in payment methods and how easy it was to pay people. So we developed Slide - a safe, simple and free way of sending money from one person to another using a mobile phone. Making a payment is as easy as sending a message. It saves you having to carry cash or knowing someone's bank account details. It also doesn't matter which bank or mobile network operator the sender or receiver uses. Slide is ideal for parents sending money to their children and for sharing costs like rent, concert tickets or a restaurant bill. A worker who wants to send money to his family within SA can now do it at no cost," says Irshad Kathrada, Slide App Co-Founder.
Another benefit is that Slide is social - it looks like a WhatsApp or Facebook message when you use it and you can even send payments with emojis.
Users can download the app and complete a quick sign up form which doesn't require FICA documents.
Slide will link with your phone's contacts so you can choose who to pay or add a new contact with a cell number or email address. Then simply add how much you want to pay, personalise your payment with a message, and authorise and send the money by selecting the bank you are with.
Payments are facilitated using EFT secure technology direct from the sender's bank account.
The recipient will be notified by SMS and email and then prompted to download the app. The money can be cashed out at any time to his or her bank account with one click. The money typically appears the next business day irrespective of bank. The sender will get a confirmation that the funds have been received.
"As Slide is a social payment mechanism, payments between contacts are as easy as sending a message. It really is the easiest way to pay another person, and as there's nothing quite like it in South Africa, we expect rapid growth," continues Kathrada.
"Standard payments are often expensive and inconvenient, while cash is unsafe and not everyone has easy access to an ATM. This opened up the opportunity for Slide. Mobile phone penetration is growing quickly across South Africa, with more than 90% of adults having access to their own mobile phone. Lowering the barriers to sending and receiving money can have a material impact on financial cohesion across the country," says Kathrada.
