Mobicred is the first digital lending product for ecommerce in SA. The product is a revolving credit aimed at online consumers, whereby the customer is provided with a virtual credit facility, and can utilise the facility with online shops. We chatted to Jason Sive from Mobicred about his Company.
The Mobicred system was developed in 2013, and went live in 2014. iStore and Digicape were fantastic stores to start with, as they are both very forward thinking.
During 2015/2016 many of the other merchants started seeing the incremental revenue increase as a result of offering a credit option to customers. This helped attract the other large merchants.
Mobicred has also in the past 2 years integrated with 4 payment gateways, who have enabled easy integration with Merchants. Various stages of negotiations have begun with large online stores, across all industries, including retail, travel, education, ticketing.
A downloadable mobile app will be available soon. Currently the customer uses a regular desktop or tablet interface to access Mobicred. The customer pays 10% per month of their outstanding balance.
Many of our customers see Mobicred as a safer option for online shopping, others see the product as their online shopping facility, and retain their credit card for day to day in-store purchases.
The customer goes through a once off, real time online application to open an account.
Once approved, customer can start purchasing at any of our merchants, using a simple username/password/OTP combination.
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