Vodacom To Join-Up With China's Alipay For A Financial "Super-App"
Vodacom South Africa is planning to create and launch a financial services "one-stop-shop" app that will allow users stream music, access news, shop online, pay bills and transfer money. The service has also been designed to assist small and medium scale enterprises to access lending, insurance and other financial services.
The "super-app", so it is being referred to by the promoters has been created in partnership with Alipay - the Chinese digital payment provider. According to reports, the service is set to be launched next year. The plan is for Vodacom Financial Services to operate the service while Alipay serves as the technology provider.
Vodacom's Chief Executive Officer, Shameel Joosub, commenting hailed the partnership with Alipay to create the financial services app as " a significant milestone in promoting greater financial inclusion within the communities in which we operate, accelerating our financial services aspirations across Africa.
The move is seen as a growth opportunity for Vodacom Financial Services, which is being transformed from the historically loss-making arm of Vodacom into a profitable one.
Credit: contribution nasdaq.com