PURCHASING AND PROCESSING MIMONEY WITH PAYFAST
CAPE TOWN, January 17, 2012 – South Africa’s top virtual currency, mimoney, has made safe, easy online shopping even more convenient, using PayFast as a means of both purchasing and also processing the currency. mimoney is a secure mobile phone payment method, powered by Standard Bank, which enables shoppers to do online shopping without the need for a credit card, bank account or the need to enter sensitive personal information during checkout.
PayFast’s merchants can now accept these mimoney payments, getting them in touch with a wider online audience. In addition to spending this virtual currency at mimoney’s list of current retail partners, online shoppers can now also spend it at the thousands of PayFast merchants who support this payment method.
Shoppers can buy mimoney with PayFast Instant EFT, one of South Africa’s most reputable payment methods, which works with all of South Africa’s major retail banks. This means that virtually any South African, regardless of their choice of bank, can use this payment facility.
Once a mimoney voucher has been purchased using PayFast, it will be received as a voucher number on the buyer’s mobile phone within about 20 minutes. Paying for goods using mimoney at a partner store entails selecting it as the payment method and entering one’s mobile phone number as well as the mimoney voucher number when prompted.
The main benefits of using mimoney when shopping online are that shoppers face no risk of fraud, payments clear immediately and there is no need to provide any sensitive personal information (such as credit card details) at the store’s checkout. Also, there are no transaction fees associated with using this electronic currency.
“We are proud to be associated with this trusted and respected payment processing facility,” said John Campbell, Business Development Manager at Standard Bank’s innovation division, Beyond Payments. “PayFast adds expansion to the mimoney brand and offers our customers even greater peace of mind regarding online payments. We will continue, as ever, to develop and expand mimoney in ways that benefit our valued customers.”
Jonathan Smit, Managing Director of PayFast adds “PayFast is constantly striving to give South African buyers a variety of easy ways to pay for their online shopping, and to make it easier for businesses to accept payments.”
“We are incredibly pleased that Beyond Payments elected to partner with PayFast. It is a major commendation for PayFast and the trust placed in our service, and we are happy we could assist in making mimoney more accessible to all South Africans.”
To find out more about mimoney, visit www.mimoney.co.za and to discover how to purchase mimoney vouchers using PayFast Instant EFT, go to www.payfast.co.za/buy/mimoney. New (and existing) PayFast merchants can enable the processing of mimoney directly on their online accounts with the click of a button.
PayFast is an online payment service for South Africans and South African websites launched in 2007. They make it safe for buyers to send money, easy for sellers to receive money and accept all major credit cards, all major South African bank accounts and even cash vouchers. There is no charge to buyers to use PayFast as payment method and registration is fast and free.
Werner van Rooyen
Marketing Manager, PayFast