Absa launches ChatWallet for banking on WhatsApp.
Big Four bank Absa has launched a WhatsApp-enabled wallet called ChatWallet, designed to provide banking services directly to users through the messaging platform.
ChatWallet is part of the bank's efforts to transform financial access and inclusion by providing a secure and user-friendly way to manage finances without the need for an existing bank account, according to a statement. It is.
ChatWallet's main features include the ability to receive money directly into ChatWallet (up to R25,000), purchase payments, electricity, airtime, data, and withdraw money.
Users can also take advantage of free ATM deposits. Get free everyday banking with no monthly fees and one free Cashsend every month. There is also an option to upgrade from ChatWallet to a transactional account to allow users to join his Absa Rewards for free.
Nick Nkosi, managing executive of transaction banking at Absa Everyday Banking, says ChatWallet eliminates the need for a traditional bank account.
“This platform not only simplifies transactions, but also opens the door to a wider range of banking services. The menu's standout features enable a smooth transition to transactional bank accounts, making it a digital platform for everyone. We can unlock the full potential of our banking services,” Nkosi added.
To send and receive money on ChatWallet, users access the money transfer feature in the menu and enter their mobile phone number to receive money directly into ChatWallet.
To make a payment, access the money transfer option from the menu and send money using the recipient's mobile number or bank account details.Money is debited directly from the recipient's ChatWallet
Absa already offers ChatBanking services on Facebook and WhatsApp and claims to be the only major South African bank to offer a complete banking service with direct integration with WhatsApp.
Standard Bank enables basic services such as balance checking and card management through its messaging platform, while First National Bank offers a WhatsApp banking assistant for tasks such as sending money transfer requests and viewing account balances. Nedbank and Capitec primarily use WhatsApp for customer support and chatbot-based queries.
Subash Sharma, Chief Digital Officer, Absa Everyday Banking added: “Our vision and purpose as a bank is rooted in empowering our customers by enhancing their access to banking services digitally. We are committed to improving access to digital payments. As well as affirming the South African Reserve Bank’s Vision 2025 statement, we are committed to strengthening financial inclusion as envisaged in the South African Reserve Bank’s Vision 2025 statement.”
To access ChatWallet, users must be over 18 years old, have a valid Rica'd SA 10-digit mobile number linked to WhatsApp, and own a smartphone with a camera for biometric registration. must be present.