SOLMate, a Johannesburg-based fintech startup, has launched its newly branded SOLMate prepaid debit cards to round out its service offering that includes an electronic wallet app and virtual card.
The prepaid debit card allows users to transfer money into the SOLMate account and use the physical card for transactions at competitive rates.
After an initial R120 activati,on there is an R25 monthly charge (virtual card monthly fee is R15) and card swipes cost just R1.50.
Having a card also allows users access to the other SOLMate benefits like:
- Free transfers to other SOLMate users
- Waived fees for electricity and airtime purchases
A maximum wallet balance of R25 000 still applies, with ATM withdrawals limited to R15 000 per month and R15 000 per day.
“By launching our prepaid debit cards, we have answered the call from our customers for a more sophisticated card solution that offers the same or better capabilities than conventional bank cards“– Jonathan Holden, Chief Operating Officer
Holden explains the journey into the SOLMate ecosystem like this:
- Starts with the ability for its customers to get paid directly into their wallets by third parties or employers
- Customers are then free to use the funds free of charge to buy services such as airtime and electricity and other vouchers, or transfer funds directly to their card
- This reduces the need to travel from home, stand in queues and ultimately risk their hard-earned money
The start-up also says it will be adding ‘more sophisticated products’ in the coming months to protect and serve the financial interests of customers.