Go cashless, and keep your money AND your friends

It’s nearly festival season, and taking that much-needed weekend away with your mates just got a whole lot easier. Collecting cash for booking tickets, accommodation, common transport and toasting the good times with your friends – once a thankless chore that strained many a friendship – is now as simple as creating an instant messaging group.  

 Virgin Money’s P2P app, Spot, has a great new feature called Group Pay, which allows users to create groups of friends, name the group, and request payment. Once you know how big you’re going this year, you can set a budget. Then it’s as easy as splitting the amount equally, or allocating different amounts – and you can instantly see who has paid, declined or is still pending.

Festivals being what they are, chances are that at some point you’ll lose track of your spending. In the heat of the moment, you’ll probably borrow some money from a mate, and it will be #happydays for the moment.

Then before you know it, it’s back to reality. The next Monday arrives, and you have to pay them back. And none of the options are attractive.

Option One: get your friend’s bank details and go through the schlep of doing an EFT. Log on. Hope your computer is secure. Enter their details. If they’re with another bank, instant clearance is going to cost you. And is it even safe to share banking details nowadays?

Option Two: take time out of your lunch hour to go to an ATM. Stand in line. Pay withdrawal fees (for what, exactly?). Walk around with a wad of cash in your pocket, looking nervously over your shoulder the whole time. Make a special trip to give your mate the money.

Of course, there’s Option Three: ghost your mate. Ignore their increasingly desperate messages and avoid them like the plague. End up losing your friend over a couple of hundred bucks. Not a great option, either.

Luckily, there’s Option Four: the cashless, easy way. Take out your phone. Open Spot. Click your friend’s name and send them the money. No fees. No fuss. Safe. Convenient.

“It’s 2018, people. Cashless is king. We’ve got to take back control of our own money,” says Andre Hugo, CEO of Virgin Money. “Cash costs you money to draw, and it’s not safe to carry around. The cashless world is quicker, faster, cheaper and safer. And you get to keep your friendships intact!”

 

Download Virgin Money Spot and link your card now: https://virg.in/33Y

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Being money smart in 2018? Cashless, mobile and stress-free

The next killer app is here – it’s called peer-to-peer (P2P) payments, and it’s made repaying your mates for Friday night dinner easier than sending a text message and cheaper than drawing cash from an ATM.

 

Want to send, or request, money? Simply add a recipient, enter an amount, press send and boom. It couldn’t be easier. There are numerous P2P apps available in the US and Europe, like Venmo and Zelle, but few in South Africa, apps like Virgin Money Spot are building a strong following of people who love the sheer ease of use and the social nature of the experience.

 “Cash isn’t king anymore. Consumers typically pay hefty fees to withdraw and deposit cash coupled with the risk of theft, whereas mobile transactions carry significantly lower fees and charges” says Virgin Money’s CEO, Andre Hugo.

Apps like Spot are changing the way we work with money. Use it once and you become a believer. All you need to make a payment is someone’s phone number – no banking details – and the more friends you have, the better the experience.”

 Spot’s latest feature, Group Pay, even allows users to create groups for specific events where you simply add friends, just like you would in a messaging app. Simply name the group – Ed Sheeran tickets, Youth party, Weekend braai bonanza – add a photo, and request payment from the people in the group. You can choose to split the amount equally, or allocate different amounts to specific individuals, and you can instantly see who has paid, declined or is still pending. Taking the stress out of friends or family owing you money.

 The most difficult part of using Spot? Taking 2 minutes to set it up. You download the app (super-easy). Verify your phone number and register your personal details (easy). Add your Internet-enabled card from any South African bank, enter a security PIN and go through the 3D Secure process. Then you’re secure, and ready to roll.

 Bonus: for every friend you refer, who registers, you both get R20. Get 15 buddies to sign up, and … you see where this is going. And you’ll never have to have those awkward conversations about who still owes money for the last dinner bill again.

Download Virgin Money Spot and link your card now: https://virg.in/33Y

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