Fintech start-up SOLmate, an online payment platform with a digital wallet facility has launched a virtual card.
According to the start-up, the new virtual card provides clients with the ability to shop online safely and to draw cash from various retail stores.
SOLmate will also offer the virtual card to FICA lite customers who would otherwise not have had access to digital financial services.
The company aims to build a digital community platform for South African consumers that allows safe custody of money along with access to other financial and lifestyle products, services and rewards.
SOLmate will offer an entry-level product aimed at lower-income individuals with limited access to financial services and, in the coming months, introduce a traditional bank account for unbanked consumers.
With this account, users can deposit their salary to transact and purchase basic products and services through the app.
SOLmate COO Jonathan Holden said: “This rename and new virtual card offering represents a significant step in the company’s evolution. The positioning perfectly illustrates our growing ambition in the market and how we aim to always put our customers first above all else”.
“The SOLmate name is rooted in the company’s commitment to being the preferred choice and trusted partner to our customers.
“We pride ourselves in our relationships with clients and our ability to help, support, and connect people to their money quickly and easily,” Holden said.