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South Africa welcomes the first ever, free person-to-person instant payment method. The Slide app will make paying people a whole lot easier.
Do your dinner dates turn out to be a nightmare when the bill comes? Or what about when you have to go shopping with a roommate or partner and you need to split the grocery costs?
Three South Africans have challenged this and made going out with a big group of friends, a whole lot easier. Slide was designed to address the need for a seamless peer-to-peer payment method.
This is what the South African economy is lacking.
We find out about the ins and outs of this exciting new venture.
Why Was Slide Created?
Slide is based on the US's Venmo, which is owned by international payment system, PayPal. Venmo processes over $25 billion in person-to-person payments annually. Irshad Kathrada, Terence Goldberg and Alon Stern are the three locally born founders of Slide. After being abroad for a few years, they decided to come back and try their hand at something new and exciting. Their aim is to change the way South Africans pay each other, by making it easy and fun."In the US we witnessed the huge growth in payment methods and how easy it was to pay people. So we developed Slide - a safe, simple and free way of sending money from one person to another using a mobile phone. Making a payment is as easy as sending a message. It saves you having to carry cash or knowing someone's bank account details. It also doesn’t matter which bank or mobile network operator the sender or receiver uses. Slide is ideal for parents sending money to their children and for sharing costs like rent, concert tickets or a restaurant bill. A worker who wants to send money to his family within SA can now do it at no cost.”
Who Can Use The App?
Kathrada emphasizes that the app is perfect for any South African, no matter their financial status. If you have a Smart phone, then you are able to download the app. The app is free and is easily downloadable on either iPhone or Android devices through the App Store. Once you have downloaded the app, you are required to fill out a few details. The nice thing is that the app doesn't require FICA. It is important that the user has a bank account of course, as this is a payment and transaction app. Kathrada explains that not only is Slide a payment method, but users can also communicate with the recipient via messaging when they send through payments. The interface looks a lot like Whatsapp or Facebook Messenger.“As Slide is a social payment mechanism, payments between contacts are as easy as sending a message. It really is the easiest way to pay another person, and as there’s nothing quite like it in South Africa, we expect rapid growth.”
How Does It Work?
Once you have downloaded the app, it really is as simple as that. Slide will sync with all your contacts on your phone, this will make payments much quicker and easier. If the person that you are paying doesn't have Slide, they will receive a notification with a link for the app. The recipient must have the app in order for the transaction to be successful."When you send money to someone who does not have the app, they will receive a text message or an email, prompting them to download the app. Once they download the app, they will be credited the money," explains co-founder, Terence Goldberg.Goldberg also reiterates that for the majority of people the transaction will be free for both people.
"Slide does not charge any fees at all. Users with some banks might be charged an EFT fee by their bank when sending money into the app."Once payment has been made, the recipient can expect to receive the money, if not there and then, then within one business day. This all depends on the bank.
Is It Safe?
Kathrada believes that they have tapped into an untouched market, where there are infinite possibilities for growth. “Standard payments are often expensive and inconvenient, while cash is unsafe and not everyone has easy access to an ATM. This opened up the opportunity for Slide. Mobile phone penetration is growing quickly across South Africa, with more than 90% of adults having access to their own mobile phone. Lowering the barriers to sending and receiving money can have a material impact on financial cohesion across the country.” With this being said, Kathrada has confirmed that this is a very safe payment method. Slide has taken the highest levels of security protocols in order to ensure 100% safety. Payments into Slide follow the same security process as internet banking. Slide is a gold member of AlphaCode, a club for Fintech entrepreneurs powered by RMI Holdings. “Slide is a great example of importing a hugely successful international Fintech business and localising it. It is very exciting when South African talent returns from overseas bringing their experience and different perspectives. I believe there is a need for a solution like Slide, particularly for the urban millennial consumer," adds Head of AlphaCode. Dominique Collett. Does this new app excite you? To find out more, click here.Save on car insurance and compare quotes with us today!