SOL Wallet, a fintech start-up, has launched a beta testing of a bank-like money management platform for retail customers in South Africa, according to the company’s press release
The company has developed a wallet, where anyone can deposit, save, invest, make payments and manage their expenses via mobile and web apps.
The company will launch its products for the public in March 2019.
The wallet will allow the users to use a mobile app to create multi-currency accounts online, buy and sell currencies at interbank rates, trade cryptocurrencies, pay service providers and utility bills, send money to friends, get a SOL card and make in stores payment. The service is free of charge within certain usage limits, added the company.
SOL Wallet's CEO Boris Frischter, said, “Traditional banks are good as custodians for your money, but are not that good in solving your everyday payment needs. They charge high commissions and overcomplicated fees while not providing customers with careful service.”
“People are spending hours on paperwork and queues to understand their charges. We believe it's not fair, and the bank should benefit its clients. So it's time to disrupt traditional banks by doing the same things easy and cheap with the help of technology," he added.
The company stated that there is no commission fee for storing and using money. It has completely zeroed all fees for account maintenance and transactions within the platform, making the deposit, transfers, payments and withdrawals of money and digital assets free of charge.
The wallet will allow the users to instantly convert foreign or cryptocurrency and use it when making everyday purchases with SOL card. It also added that in the future, SOL will learn to help users to control their expenses and invest their money into stocks and other financial products.
