Prism TranSwitch Services (PTSS), services division of JSE-listed Trusted Transactions Company, Prism Holdings Limited, announced today that it has changed its name to EasyPay Pty Limited. In addition, the company announced the launch of new value added services to benefit the previously disadvantaged of this country in particular, while opening new markets for EasyPay.
This is in line with its new strategic intent to firmly establish itself as the leading and preferred supplier of electronic payment, pre-payment and value added services in South Africa. EasyPay is uniquely positioned to do so, explains EasyPay managing director Mike Smith. "It enjoys an extensive footprint in the consumer space and high levels of trust among both consumers and its corporate customers". EasyPay is the only established player with a distinctive basket of services offered to consumers via large corporate customers, including amongst others BP, Caltex, Edcon, JD Group, Lewis, Mass Discounters, Pick `n Pay, Shoprite Checkers, Totals.
Currently, EasyPay controls the largest bank-independent financial switch in Southern Africa, processing more than 260 million transactions last year. Its infrastructure connects into all major South African banks and switches both debit, credit and fleet card transactions for the country`s leading retailers and petroleum companies. The company has enjoyed substantial growth over the last five years. EasyPay currently processes a considerable number of South Africa`s point of sale-originated debit and credit transactions, in addition to processing over 1 million bill payments and over 3 million prepaid transactions per month. Smith estimates that, in future, demand for EasyPay services will grow exponentially.
Despite its impressive growth rate, Smith is well aware that the South African market is small and at the same time, competition is accelerating. These factors have prompted EasyPay to further enhance its quality and capacity of operations, thereby securing its place as the industry leader.
According to Smith, the name change reflects the fact that EasyPay has become a well recognised consumer brand, creating the opportunity for the company to build on its position as a consumer services company, while remaining closely supported by Prism Holdings.
"It is our intention to move from being technology focused to being totally customer service driven and moving from providing technology solutions to providing a comprehensive, all-encompassing offering," says Smith. An extensive branding and marketing campaign aimed at consumers and existing and potential corporate partners will support the name change.
The new offerings announced today are EasyPay bill payment and prepaid electricity over mobile channels and a unique Voucherless Top Up service (VTU) that could eventually see 9000 jobs created for every 500,000 prepaid cellular subscribers. In addition, the company is embarking on an aggressive drive to support a fast growing electronic gift card market. (See fact sheets attached). EasyPay bill payment and prepaid electricity services are being integrated into the mobile banking and payment offerings being launched by the mobile networks. The most recent initiative is that of MTN Banking, a division of Standard Bank and their first product, the MobileMoney account
The new voucherless, or PIN-less, top-up service allows prepaid cellular subscribers to reload airtime using an efficient and secure distribution and credit management application (Prism VTU). Prism and EasyPay are pioneering this service in conjunction with local mobile network operators, service providers, and the Mineworkers Investment Corporation (MIC). At the heart of the solution is the concept of virtual distribution. The solution will enable entrepreneurial mineworkers to register as virtual merchants with operators and to purchase bulk discounted airtime that they can sell on to other sub-distributors at smaller discounts, or directly to subscribers.
"What makes this solution so attractive is that the distributor does not require anything more than a cellphone and VTU SIM-card to run an airtime distribution business. The voucherless system means that the airtime transfers can be executed from the cellular handset directly to subscriber`s accounts - even if the vendor is running a business on the street." says Mike Smith, Managing Director of EasyPay.
Finally, EasyPay also announced that it is partnering with marketing and loyalty experts, Power of One, to aggressively expand the use of electronic gift cards. These branded cards can be loaded with funds at any store pay-point and are ideal for a wide range of gift occasions. A top-up facility further extends the flexibility of this offering.
Smith explains that in the USA, retailers are seeing substantial additional earnings annually through gift cards - a trend that is starting to set in locally. "In addition to improving sales, gift cards eliminate losses due to voucher fraud, and cards can be linked to customer loyalty programmes and employee or vendor incentive schemes."
Going forward, Smith says that EasyPay is pursuing a number of strategic priorities. One of these is ensuring that its technology engine remains powerful, efficient, agile and cost effective. Other strategic priorities include focusing on new product innovation, accelerating consumer recognition of the EasyPay brand and investing in new lifestyle payment services. In conclusion, Smith says that EasyPay will work closely with Prism in developing comprehensive corporate solutions, co-develop new technologies and to build an African footprint.
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