Insurance group Momentum has launched an e-wallet app called Multiply Money – an additional benefit to its Multiply rewards programme where members can earn cash back for everyday transactions.
According to the group, because of the adverse economic conditions South Africans are facing, the best reward they can get is to receive actual money that they can use in a pinch, which led to the development of this latest ‘cash-back’ programme.
The Multipy rewards programme already offers discounts and rewards for members making purchases and using the services of partner companies, through its lifestyle management platform.
Members can now get rewarded with real cash when they do their household and grocery shopping at Pick ‘n Pay and Dis-Chem, as well as when they shop online on the Multiply shop for items such as vouchers and big brand electronic devices.
The cash-backs grow in the Multiply Money savings wallet, at a linked interest rate from the first cent. For now the interest rate stands at 5.25%, Momentum said.
Alternatively, members can transfer the cash-backs to their Multiply Money payment wallet where they use it on things they actually need.
Members are able to spend their cash-backs in four ways:
- Paying on the Multiply online shop,
- Swiping their Multiply Visa card in store,
- Making mobile payments and
- Sending money to other Multiply members.
All these transactions can be managed via the Multiply Money mobile app, the group said.
The app also provides members with digital money management tools, giving them a consolidated view of their Multiply Money wallets and automatically categorising expenses for smart money management.