Vodacom to launch e-commerce 'super-app' in partnership with Alibaba
Vodacom is challenging the banking sector at its own game! exclaims Bruce Whitfield.
South Africa's largest mobile operator reports that Group revenue is up 8.3% to R98.3 billion for the year ended March 31 2021.
For South Africa it posted a 7% increase in local service revenue, despite being pushed into some data price cuts during 2020.
Along with increased data usage, Vodacom saw a jump in demand for financial services.
"It's become a formidable business across the continent" says Group CEO Shameel Joosub.
"We are particularly excited about the launch of our lifestyle companion app, VodaPay. We expect that the app and the ongoing expansion of our financial service offerings will promote digital and financial inclusion and provide a growth platform for consumers and merchants in South Africa."
Bruce Whitfield interviews Joosub on The Money Show.
We saw [an increase] coming through strongly in our financial services part with a more-than 60% growth in the number of transactions as people adopted our financial services M-Pesa platform a whole lot more due to Covid.Shameel Joosub, Group CEO - Vodacom
[Financial services] are creating more options for our customers and giving them more reason to use our different networks.Shameel Joosub, Group CEO - Vodacom
In South Africa we now have 13 million financial service customers and it's grown into a healthy R2.4 billion revenue business.Shameel Joosub, Group CEO - Vodacom
Joosub also expands on Vodacom's deal with the Alibaba Group to create AliPay, a so-called super-app.
The partnership with AliPay is very interesting because its a super-app from where you can pay, lend, shop, save, invest from one single app.Shameel Joosub, Group CEO - Vodacom
With the most sophisticated platform in the world one can't go wrong!Shameel Joosub, Group CEO - Vodacom
It's going to benefit both consumers and merchants big and small... It will be quite transformational for the South African landscape and, in the future, for the M-Pesa landscape as well.Shameel Joosub, Group CEO - Vodacom
Because Vodacom has to partner with a bank, he doesn't necessarily see the move as competition for the banks says Joosub.
"There's an opportunity for the banks to see the power of the platform and to be able to embrace it" he says.
For more on Vodacom's plans, take a listen:
This article first appeared on CapeTalk : Vodacom to launch e-commerce 'super-app' in partnership with Alibaba
Source : https://www.facebook.com/Vodacom/photos/a.456380449046/10158271816854047/
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