The future of mobile money payments
SommaRedde is set to be South Africa’s first, and only, Automated Clearing House (ACH) for mobile payments. In essence, we are a platform that connects mobile wallets to retailers, banks and other wallets.
This allows fully interoperable payments in real time and with finality.
We do not take it lightly when we say that SommaRedde is the future of mobile payments.We are paving the way to open a world of possibilities for everyone from informal traders, to multinational household names.
Our definition of Mobile Money excludes mobile banking and mobile platforms making use of a bank card, such as Apple Pay.
We service the traditional Mobile Money e-Wallet Operators, where a bulk trust account is used at a bank for all the e-wallets combined. We do not process card transactions, nor do we process outgoing EFT’s. Our sole business is Mobile Money transactions.
The SommaRedde ACH for Mobile Money is to a Mobile Money eWallet Operator what any of the well-known credit card platforms is to a bank card. We provide full interoperability vis-à-vis the traditionally narrow view of “interoperability” being transactions between two e-Wallet Operators.
All transactions are processed with real-time clearing with finality, which means the payor is debited with the payment amount in real-time, and similarly the payee is credited with the payment amount in real-time.
As such a payment from a Mobile Money End-User Client to a retail merchant will be processed in real-time, and the payment amount will immediately reflect in the merchant’s bank account, available for immediate use.
