How MXit Money Works

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With the launch of MXit money we see another sign of the fragmentation of the core of MXit, the app. You can now download the MXit Money standalone app if you’re an iPhone user. That isn’t the point of this post. With MXit Money, launched today by MXit and Standrad Bank you can send REAL money from one MXIt user to another.

Continue reading to access MXit Money in 3 Steps

Step1:

iPhone users: Download the Mxit Money iPhone App from the Apple App Store.

Mxit users: Add ‘mxitmoney’ as a contact on Mxit to get the App inside Mxit.

 

Step 2:

Load Instant Money using your cellphone number as a unique identifier. This will automatically create an Instant Money value store with Standard Bank, which can be accessed via Mxit Money as well as any existing Instant Money channels.

 

Instant Money can be loaded at the following points:

  • At one of the 600 Spar Stores nationwide with an Instant Money or PayZone counter (Remember to bring a photocopy for your ID the first time you load) location map
  • At any of over 8000 Standard Bank AccessPoints nationwide
  • At any Standard Bank ATM. This will be available from September 2012. Loading Instant Money at an ATM for existing Standard Bank cardholders only. Anyone can cash out Instant Money at a Standard Bank ATM.
  • Through Internet Banking for existing Standard Bank customers or going directly to Instant Money

 

Step 3: 

Use the App to send money, withdraw money at Spar or Standard Bank AccessPoint or ATM or to buy airtime and electricity within the Mxit Money application.

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  • ChristopherMills

    It’s great to see Mxit evolving in such a way. I know they’ve been questioned about their revenue model and such, so to see a South African company pushing through this and showing optimism and potential is just fantastic.

    • http://www.webaddict.co.za Rafiq Phillips

      I’ve never had a doubt about the revenue model. I’m glad to see MXit evolve, grow up even, with the user base getting older.

      • ChristopherMills

        The user base is massive and I’m confident that the monthly overheads aren’t ridiculous, so there’s big potential to make good money, it was just selecting the right model to apply to the system that would 1) make money, and 2) not annoy users.

        I’m not sure they’ve figured it out completely yet, but this move shows that they’re being dynamic and not scared to explore and experiment, which is what we all love to see!