Richard Branson Launches Virgin Money Spot Peer-To-Peer Payment App
Richard Branson, the owner of Virgin Money, has made a big move for his company. The platform released an upgrade of Virgin money Spot, a peer-to-peer (P2P) payment application. Virgin Money Spot partnered with Cape Town-based mobile software company, WiGroup in February. The payment application has recently adopted blockchain technology in its most recent update, called Spot 3.0.
The update is poised to utilize blockchain for various reasons – the most notable being security and speed. Inspiration for the new technology is founded on Project Khokha’s distributed ledger initiative. For those who are unaware, the aforementioned project is a South Africa Reserve Bank recognized for its innovative implementation of blockchain technology.
The application’s new functionality will give clients peace of mind due to increased platform safety. It will also make the platform easier to use due to the new ease-of-use features. And moreover, for the first time, the applicable will enable users who do not have a 3D-secure bank card to send and receive funds through their bank account. With Spot 3.0, payments and referral-awarded funds can be synched directly to a user’s Spot Wallet – all users need to do is to link their bank account to the application. Users can also pay vendors directly or with the application.
Those who spot a “Pay With Spot” sign simply need to click on “Pay a Merchant” and proceed to use the vendor’s QR code. Spot merchants will be available soon, according to the platform.
The platform has also made Virgin Money Spot South Africa’s first ever micro-token exchange. The platform will enable customers to transact quickly and in a cost-effective manner. And in addition, transactions on Virgin Money Spot are meant to be transparent and recorded due to the underlying blockchain technology.
With spot on hand, users can pay merchants and to experience fast and securing transpiring from wallet to wallet. Essentially, users can “spot” friends funds and soon, they will be able to make payments on municipal bills, data, and airtime bundles.