Absa has launched ChatWallet, a new wallet in WhatsApp that gives users access to banking services directly in the messaging app.
A follow-on to Absa’s ChatBanking solution, which it launched on Facebook and WhatsApp in 2018, the ChatWallet platform, Absa said, is aimed at fostering “financial inclusion”.
“With ChatWallet, users can securely manage money without the need for an existing bank account,” said Absa Everyday Banking managing executive Nick Nkosi in a statement.
“The menu’s standout feature is a smooth transition to a transactional bank account, unlocking the full potential of digital banking services for all.”
Users can send and receive payments, make airtime and data purchases, manage beneficiaries, and conduct cash withdrawals and deposits.“It’s not just a wallet; it’s an all-in-one solution for hassle-free and versatile banking on the go,” Nkosi said.
“While similar products are available in the market, we have differentiated ours on pricing, product offering and channel of use. We believe ChatWallet will make a difference to the ease of access for entry-level banking services in South Africa,” said Absa Everyday Banking chief digital officer Subash Sharma in the statement.
ChatWallet offers:
• Access to banking services via WhatsApp
• Security with biometric verification
• Secure storage of funds
• Receipt of money via ChatWallet (up to $1,324.51)
• Free day-to-day banking – zero monthly fees
• Free ATM cash deposits
• No charge for prepaid electricity, airtime and data purchases
• One free CashSend per month
• The “lowest” pay-as-you-transact costs for payment to a cellphone number and CashSend to ATM withdrawal and EFT payment to bank account
• The ability to view wallet details and transaction history, change ChatWallet Pin and recall unredeemed CashSend payments
• The ability to upgrade from ChatWallet into a transactional account and join Absa Rewards for free
• Covered by Absa’s digital fraud warranty
Users must be 18 years or older, have a valid, Rica’d South African cellphone number linked to WhatsApp and a smartphone with a front camera, Absa said.