Ever wanted to swap your prepaid airtime for cash? A tech start-up based in Polokwane, named Crowdcoin, lets prepaid and top-up subscribers exchange airtime for cash, send/receive money and make purchases using airtime.
The concept of paying with airtime is not new. The founder and CEO of Crowdcoin, Kearabiloe Ledwaba points this out, “Airtaxi for example, the idea behind it was to let taxi commuters settle their fares using airtime. The problem, however, was that it was too expensive- a ten rands fare ends up costing around 75% more. The exorbitant collection fees charged by network providers and WASPs significantly devalued prepaid airtime and made it nearly impossible to consider airtime as a viable commodity”
So how much does Crowdcoin cost?
By selling the accumulated airtime directly to the public, Crowdcoin is thus able to buy back airtime from customers from as little as 10% fee per airtime-to-cash conversion. A R5 purchase will then cost you an extra 50 cents when paying with airtime. You can opt-in for a free account which lets you transact and pay with airtime or if you a run a business you can get the platinum account with Sage One accounting export feature and more add-ons at R79 per month.
To sign-up for a Crowdcoin account, visit crowdcoin.co.za and set up your account within seconds and start receiving payments right away. There are no paper forms or credit card details needed.
To add funds to your Crowdcoin account, you simply need to transfer airtime to crowdcoin. Logon to crowdcoin.co.za, navigate to “Add funds”, generate a deposit ticket and get a temporary Crowdcoin deposit number allocated to you. Finally, transfer airtime to the deposit number allocated to you. Your deposit will reflect on your account almost immediately.
If you want to cash out your balance, send money or pay someone, navigate to “Payments” and select any of the cashout options available, fill in the required fields and wait for confirmation. Crowdcoin allows you to send money to non registered cellphone numbers, have crowdcoin transfer the funds to a South African bank account or via popular money transfer services including Shoprite Money Market and FNB E-wallet.
You can also use your Crowdcoin account to buy prepaid electricity, accept payments online and to make scheduled account payments. So next time you want to send money to a loved one from the comfort of your home, use Crowdcoin.
With over 80 000 active users in South Africa alone, Crowdcoin is currently available in South Africa only and supports all major networks.