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Spot Money is one of the most innovative and advantageous financial institutions in the market, offering online, secure and non-bureaucratic services for you and your company.

But do you know how Spot Money came about and what is its trajectory? In this article, we are going to tell the story of Spot Money, from its founding to the present day, and show why you should open an account on this platform. Follow through!

History of Spot Money and how it works

Spot Money is an online banking platform that was born in South Africa in 2018 with the aim of making the financial lives of people and companies easier.

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The idea came from a group of entrepreneurs who realized the need to offer a simple, fast and cheap solution for those who wanted to make payments, transfers, purchases and investments over the internet.

It came from a partnership between Virgin Group and Absa that started back in 2006.

It works like a free digital account, which you can open in minutes on your cell phone, without paperwork or queues.

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With Spot Money, you can do everything you need from the app, such as paying bills, getting credits for your cell phone, sending and receiving money from other Spot users, shopping in physical stores and online with your virtual or physical debit card, and much more. more.

In addition, Spot Money still gives you 3.5% cashback in airtime for every purchase you make with your card.

This means that you get back part of the amount spent on credits for your cell phone. So you save and stay connected.

What are the advantages of using Spot Money?

Using Spot Money has many advantages for you and your pocket. See some of them:

  • Zero fees: you pay nothing to open or maintain your Spot Money account, or to make transactions between Spot users. You also don’t pay an annual fee for your debit card;
  • Security: Spot Money is regulated by the Central Bank of South Africa and partners with Bidvest Bank, one of the largest banks in the country. This means your money is safe and secure. In addition, the application uses the latest technology to guarantee your privacy and the security of your transactions;
  • Practicality: with Spot Money, you can do everything from your cell phone, without having to go to the bank or face bureaucracy. You can also access your account 24 hours a day, 7 days a week;
  • Variety: Spot Money offers a variety of services to meet your financial needs. You can make payments by QR code, send money to more than 15 countries with exclusive rates, take out insurance and personal loans with the best partners in the market, and much more;
  • Profitability: Spot Money helps you maximize your money with cashback in airtime and with the investment options available on the platform. You can invest in fixed or variable income funds, with different risk and return profiles.

How to compare Spot Money with other options on the market?

Spot Money stands out from the other options on the market for being a complete, safe and free platform for you to manage your money online.

See how it compares to some of its competitors:

Traditional banks:

Traditional banks often charge high fees to maintain a checking or savings account, in addition to an annual fee for a credit or debit card.

They also require a lot of bureaucracy to open an account or hire a service, and they don’t always offer the best credit or investment conditions.

In addition, traditional banks have limited opening hours and do not always have branches or ATMs near you.

Fintechs:

Fintechs are technology companies that offer financial services online, often with lower fees and more ease than traditional banks.

They can be a good option for anyone looking for a digital account, a credit card with no annual fee or a quick loan.

However, fintechs do not always have the same security and solidity as Spot Money, which is backed by the Central Bank and Bidvest Bank.

Digital wallets

Digital wallets are applications that allow you to store and transfer money online using your mobile phone.

They can be useful for those who want to make quick payments without physical contact, such as QR code or NFC.

However, digital wallets do not replace a bank account, as they do not offer all the services that Spot Money offers, such as debit card, cashback in airtime, investments, insurance and loans.

In addition, digital wallets may charge fees for making transfers to other banks or for withdrawing money.

How to start using Spot Money today?

If you’re interested in using Spot Money and taking advantage of all its advantages, know that it’s very easy to get started. Just follow these steps:

  1. Download the app: the first step is to download the Spot Money app on your cell phone, available for Android and iOS. You can go to the Spot Money1 website and click on the download button corresponding to your operating system;
  2. Open your account: after downloading the app, you need to open your Spot Money account. For this, you only need to provide some personal data, such as name, CPF, email and telephone. You also need to take a photo of your ID and a selfie. The process is fast and secure, and you don’t need to submit any paperwork;
  3. Make a deposit: To start using your Spot Money, you need to make a deposit into your account. You can do this in many ways, such as bank slip, bank transfer or PIX. The minimum amount is ZAR 10.00 and the maximum amount is ZAR 5,000.00 per day;
  4. Use your virtual card: as soon as you make your first deposit, you can use your Spot Money virtual card to shop online at any site that accepts a debit card. You can see your card data in the app, such as number, validity and security code. You can also block or unblock your card at any time via the app.
  5. Ask for your physical card: if you want to use your Spot Money to make purchases in physical stores or withdraw money at ATMs in the Banco24Horas network, you can ask for your physical card through the application. You pay nothing for the card or shipping, and it arrives at your home within 15 business days.

Done! Now you know how to use Spot Money and enjoy all its benefits.

Access the website now and open your Spot Money account right now, the most agile and bureaucracy free financial institution in South Africa.

We hope this information has been very useful to you. 

Thank you very much for reading us. 

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