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Momentum launches multiply money app

29 October 2018Momentum

Multiply by Momentum has launched Multiply Money – a Multiply benefit which sees members earning real cash by doing the things they do every day.

Insights from the 7th Momentum / UNISA Household Financial Wellness Index reveal that 73.5% of South African households were financially unwell in 2017, indicating that the majority of South Africans are clearly in financial crisis. With South African consumers that heavily indebted and in a pinch to find any ‘extra’ money to save at the end of each month, establishing a culture of saving and smart spending has never been more crucial.

Momentum Client Engagement Solutions CEO, Zureida Ebrahim explains that Multiply by Momentum is the only fully integrated lifestyle management platform that brings health and fitness, safety and finances into one platform and offers rewards on both partners and on Momentum products. The latest addition is cashbacks that earn a competitive interest rate and can be spent anywhere in South Africa.

Multiply by Momentum’s Executive Head of Transactional Banking, Megan Harrison says, “Ultimately, what South Africans need is cash back into their pockets which they can use to save for an emergency or until they have a lump sum that can be used for long term investments.”

Harrison notes that Multiply is doing just this – rewarding members 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. These cashbacks grow in the Multiply Money savings wallet, at a linked interest rate from the first cent, for now it stands at 5.25%. Alternatively, members can transfer the cashbacks to their Multiply Money payment wallet where they use it on things they actually need. Members are able to spend their cashbacks in four ways, paying on the Multiply online shop, swiping their Multiply Visa card in store, making mobile payments and by sending money to other Multiply members. All these transactions can be managed via the Multiply Money mobile app.”

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.

Ebrahim says, “We want South Africans to let us help them multiply their momentum today. With real cashback, members are empowered to save or spend their rewards as they see fit, making their journey to financial success more practical.”

The Multiply Money App is available on android and iOS app stores.

For more information, visit www.multiply.co.za.

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