MiVoice has done it again!
MiVoice, the mobile application that provides a digital wallet for salary and wage payments in the domestic and informal sectors, has announced a revolutionary disruption in the payroll disbursement space, by expanding its service to corporates with a zero transaction fee for salary and wage disbursements.
MiVoice received exceptional media interest after its launch in June 2021 thanks to its unique payment and human resources management solution to those markets. Requests from businesses of various sizes prompted MiVoice to respond to the corporate market.
When an employer pays salaries and wages into a selected account, a separate electronic funds transfer (EFT) must be completed for each employee. Each EFT carries a bank charge, which ranges from R3 to R10 from bank to bank, and even from client to client. Depending on the size of a company’s workforce, these bank charges can run into tens or hundreds of thousands of Rands per year.
Salary disbursement agencies are nothing new, and they are regulated by the Payments Association of South Africa (PASA). A disbursement agency must be registered with PASA as a Third Party Payments Processor (TPPP). MiVoice is a registered TPPP and expanding its current digital wallet to accommodate multiple disbursement requests from companies is a natural progression for MiVoice.
Hennie Heymans, CEO of MiVoice Mobile Apps – which created the MiVoice app, says this creates an extraordinary opportunity as MiVoice is a registered TPPP and stands for disruption for the greater good. ‘By incorporating the MiVoice wallet into the disbursement mix, we can offer disbursements to MiVoice wallets for free for any employee who chooses to utilise the wallet for further transactions.’
Heymans explains that the MiVoice digital wallet acts as a vehicle to receive a salary or wage for employees who choose to do so. ‘These employees can then better manage their funds via our wallet, and perform most traditional bank transactions via the wallet, of which most are free in our app. Where an employee opts to receive their salary or wage into their traditional bank account, the employer will be charged R1,90 excluding VAT for that disbursement.’
This is a significant saving compared to the industry norm offered by banks and disbursement agents for corporate clients, regardless of size. Simply put, clients could save one hundred percent of their salary disbursement costs depending on the number of employees who choose to use the entire MiVoice solution.
Using the MiVoice digital wallet comes with additional benefits too. It provides an additional layer of financial protection for employees, as the funds received into the wallet are protected from external deductions such as debit orders. It also offers purchases at major retailers, purchase of prepaid airtime, data, electricity and water at a zero transaction charge, which some banks charge for. As with any normal bank account, funds can be transferred out of MiVoice to any deposit-accepting bank account via EFT, while cash can be withdrawn at dedicated retailers. In addition, employees can create separate wallets for each family member and transfer funds into that wallet at zero charge for the transfer.
MiVoice is available on the App Store or Google Play.
Download cost: Free
Usage cost: Own data charges apply.