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Momentum launches Multiply Money app that gives you money back

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.

[Image – CC 0 Pixabay]

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