Momentum has added some new functionality to its Multiply rewards programme.

Dubbed the Multiply Money App, Momentum says that it was designed to give members rewards they want – cash.

Ultimately, what South Africans need is cash back into their pockets which they can use to save for an emergency or until they have a lump sum that can be used for long term investments,” Momentum’s executive head of transactional banking, Megan Harrison said in a press statement.

Members are able to earn rewards by shopping at Pick ‘n Pay, Dis-Chem or the Multiply shop. These rewards or cashbacks as Momentum refers to them, are stored in a Multiply Money savings wallet and the cashbacks grow at linked interest rate of 5.25 percent.

These cashbacks can then be used in four ways:

  • Paying on the Multiply online shop
  • Swiping their Multiply Visa card in store
  • Making mobile payments
  • Sending money to other Multiply members

The Multiply Money App is available for Android and iOS. Momentum members can visit the Multiply website for more information.

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