I received an invite to try out the a mobile app, Spot, which is still in Beta. It aims to be a Venmo-like alternative.
I got a great response from the Spot team and I’m proud to be the winner of “most engaged inactive user” award ????
I think there’s room for peer-to-peer settlements in South Africa, but with the current legislation that states all of these sorts of payments need to go through banks (hence Spot using clunky, expensive and chargeback-prone debit orders – which are a bit like ACH pulls in the United States), I think we’re still a way away from seeing these things getting adopted.
Personally, I use SplitWise (available on web, Android and iOS) to document expenses with my friends and settle with a (free) bank transfer at the end of the month.