Launch of a FinTech Startup that provides cash back from data and airtime:
[Johannesburg, Gauteng, 28/11/2018] – PrepaidWealth.com, a South African FinTech Startup, is officially launching a web-based platform for either accumulating discounts in CASH or realizing instant discounts when data or airtime is purchased from the platform. There are two types of accounts that can be opened on PrepaidWealth.com for free; namely, a Group Account or an Individual account.
A Group Account accumulates cash for members of the group whereas an Individual account provides instant discounts.
A Group Account is ideal for structured groups such as stokvels, friends, families, residential complexes, work departments, WhatsApp groups, etc. The bigger the group, the faster cash accumulates because more people will be accumulating cash when they spend on data and airtime. Members of a group account spend on data/airtime separately according to their personal needs. However, the discounts accumulate collectively. The accumulated cash can be withdrawn from PrepaidWealth.com once the money is more than R200.
An Individual Account offers data and airtime at a discount and therefore makes it ideal for a person who wants to sell airtime and data. It is also ideal for a person who wants instant discounts. An individual who wishes to accumulate cash, instead of getting instant discounts, can simply register for a group account and never invite anyone to join the group.
The discounts provided vary from 1.5% to 9.5% and therefore one can assume an average discount rate of 5%. The discount rate is used to accumulate cash for a group account. It is also used to offer discounts for an individual account.
The data and airtime provided on PrepaidWealth.com is from all mobile service providers; namely, Vodacom, MTN, CellC, Telkom, Virgin Mobile. The platform also provides prepaid electricity services as well as services from Mozambique Vodacom and Econet Mobile.
“The Platform is targeted at everyone who buys data or airtime. Stokvels and other formal groups in general can, for example, accumulate cash that can be used to sponsor their year-end functions. Also, individuals who are not in a group account will always buy airtime at close to retail price. The offer of a group account and an individual account enables the platform user to choose what suits them the most.” – Gabriel Nkuna, co-founder of PrepaidWealth.com
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