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Absa Partners with Walletdoc for Billpay Solution
Absa has partnered with walletdoc, a South African fintech startup, offering users a smart, secure and convenient way to pay their bills such as monthly subscriptions and utilities – without the tedious filing and administration normally associated with payments.
The innovative payment solution notifies you when bills arrive, reminds you when bill payments are due and allows you to pay your bills with your credit card. It also takes care of account and reference numbers, resulting in a hassle-free experience for users while ensuring billers always receive reconciled payments.
Once users have set up their payment card details, they can pay multiple bills in a single transaction. Better yet, users no longer need to manually print and file bills together with proof of payment, as walletdoc digitally stores your bills and payment history.
“Partnering with a sophisticated bank such as Absa required us to invest in a comprehensive and robust suite of information-protection measures. Data is fully encrypted and mobile transactions use either fingerprint or PIN authentication, making it safe for users to pay their bills anytime, anywhere and on-the-go,” says Leonard Shenker, joint CEO of walletdoc.
The partnership with walletdoc is another example of how Absa is collaborating with entrepreneurs and start-up companies to bring innovative solutions to customers.
Willie van Zyl, head of card issuing at Absa explains, “The global banking industry is faced with an ever-changing landscape as customers opt to migrate to digital channels. We are seeing a huge change in the way our customers pay for products and services and walletdoc is another step forward in our mobile banking journey. Using walletdoc is hassle-free and easy and we encourage our customers to get on board. We have piloted walletdoc with some of our clients and they have been delighted by the simplicity of this innovative solution.”
Absa Rewards customers will earn cash rewards to spend in any way they like every time they use walletdoc to pay their monthly accounts. While the bank will be marketing the local startup’s payment platform to its consumer card customer base, anyone can use the solution whether they are an Absa client or not. All Visa, MasterCard and Diners Club cardholders also earn qualifying card rewards.
walletdoc also partnered with EasyPay, an independent service that facilitates the payment of accounts and is linked to an extensive network of over 400 of South Africa’s largest billers including municipalities, Eskom and Telkom. walletdoc assists these billers to send bills and collect payment securely, reliably and quickly.
walletdoc is a gold member of AlphaCode, a club for fintech startup entrepreneurs. Head of AlphaCode, Dominique Collett, says: “walletdoc is an example of a fintech company solving a real pain point for a customer. The partnership with Absa also highlights the importance of banks working with fintechs. By bringing together the innovative thinking offered by walletdoc and the trust and distribution offered by an established bank, the customer is ultimately the winner.”
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