Store of Value
Overview
Store of Value (SOV), which is used interchangeably with VodaPay Wallet, is a digital wallet that offers a simple and convienient way to manage money on the VodaPay App. VodaPay wallets differ from standard bank cards in the sense that they are digital and can be used to transact on the VodaPay App even if a customer does not have a bank card.
There are four variations of wallets:
- Standard
- Lite
- Essential
- Pro
Each wallet type has varying limits
Transaction limits
| Transaction Limits | Lite wallet | Essential wallet | Pro wallet |
|---|---|---|---|
| Maximum monthly cash received | R15 000 | R20 000 | Unlimited |
| Maximum monthly withdrawals | R15 000 | R20 000 | Unlimited |
| Maximum amount allowed in the wallet | R20 000 | R25 000 | R100 000 |
| Maximum daily cash withdrawal | R3 000 | R5 000 | R20 000 |
| Maximum daily send/ domestic remittance amount | R5 000 | R10 000 | Unlimited |
features
| Product feature | Lite wallet | Essential wallet | Pro wallet |
|---|---|---|---|
| Value Added Services purchases and payments (airtime, bundles, pre-paid water and electricity, bill payments, pay for traffic fines) | Yes | Yes | Yes |
| In App purchases (mini-app payments) | Yes | Yes | Yes |
| Withdraw cash | Yes | Yes | Yes |
| Cash-in through EFT | Yes | Yes | Yes |
| Send money to another Wallet user | Yes | Yes | Yes |
| Receive money from another Wallet user | Yes | Yes | Yes |
Fees
| VodaPay Enhanced Wallet - Fee Schedule 2021 | |
|---|---|
| All fees are inclusive of VAT | |
| Monthly Fees | Fees |
| Monthly Administration Fee | Free |
| Monthly Service Fees | Free |
| Cash-In | |
| EFT | Free |
| Receive money from VodaPay Wallet users | Free |
| Cash-Out & Purchases | |
| Send money to other VodaPay wallet users | Free |
| Bill Payments | Free |
| Buy airtime and bundles | Free |
| Buy prepaid water | Free |
| Buy prepaid electricity | Free |
| Pay at shops and merchants | Free |
| Mini-App payments | Free |
| Pay traffic fines | Free |
| Cash-out to bank account | R14,00 per R1, 000 |
| Notifications | |
| All notifications (In-App, SMS, Email, Push notifications) | Free |
For more details you can visit the enhanced wallet T's & C's
SOV transactions
SOV transactions are displayed on the Terminal Transaction screen on the Merchant Portal, the system will identify the payment method as being Store of Value. SOV transactions can also be identified by their PAN number, all SOV PAN numbers start with 0027. Settlements are made available daily by mean sof Recon Files. SOV settlements follow the same settlement times as card payments.
Once the transaction is successful on the Merchant Portal or Recon/Settlement files it is adviced that the goods and/or sevices be provisioned.
Note: The Merchant portal is a visualization of the Recon/Settlement files