Virgin Money updates its Spot app used in South Africa with blockchain

Virgin Money SA has upgraded Spot, its person-to-person payment app – aiming to make it more accessible, functional, and safe.

Opposed to its previous method, the app used in South Africa, now allows access to customers regardless of a 3D secure bank card.

Spot 3.0 was developed using Distributed Ledger Technology (Blockchain), utilising the technology’s speed and security.

Virgin Money has incorporated Spot Wallet, a digital wallet that adds and receives money from bank accounts.

“With the previous version of the app, payments went directly into the credit or debit card linked to the app. With Spot 3.0, all payments and referral rewards are paid into your Spot Wallet instantly,” stated Andre Hugo, CEO of Virgin Money SA.

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“New and existing customers can now simply link their bank accounts to cash out money from their Wallets.”

Following the app’s update, customers are now able to pat merchants using Spot 3.0 by scanning a QR code.

“Customers will need to add a bank account to cash out money from their Spot Wallet; other than that, the experience for existing customers has been enhanced, as they’re able to send and receive money into their Spot Wallet in an instant, with no monthly subscription fees and no transaction fees. It’s simple, safe and social,” Hugo continued

“Virgin Money Spot is the first retail micro-token exchange in South Africa. What this means for consumers is that we can transfer value in a fast, cost-efficient and transparent manner that protects against fraud and gives our customers peace of mind.”

“All Spot transactions are recorded in our Blockchain ledger, which means they are tamper-proof. So, Spot is not only mobile, convenient and instant, it’s also secure.”