FirstRand has launched a new electronic commerce venture which uses a secure electronic currency and incorporates a new loyalty programme.
The new venture is called eBucks.com and it is FirstRand's group-wide financial services portal which offers a range of services from electronic banking to online investment services.
The services on offer are provided by companies within the FirstRand group including First National Bank, RMB, Wesbank, Origin, Discovery Health, Momentum, Henry Ansbacher and Outsurance.
To pay for goods from participating merchants and to make investments with the FirstRand group of companies, you use an electronic currency called eBucks (eB).
Michael Jordaan, eBucks.com's group executive, says in addition to using the internet to access the services offered by FirstRand, you can also use certain cellular phones or contact the eBucks.com hotline on your regular telephone.
THREE THINGS YOU CAN DO
1. Online payment
You can buy or earn eBucks through a new group-wide loyalty programme. The electronic currency is linked to the South African rand with one rand being equal to ten eBucks. You cannot convert the eBucks you earn into rands but you can spend the money with eBucks.com merchant partners or invest it at FirstRand.
You do not need a credit card to earn or use eBucks and you do not need to be a FirstRand customer to buy eBucks. All you have to do is register with eBucks.com online and you can transfer money from any bank account in South Africa to a central eBucks account. But this is not free: FirstRand will deduct a hefty two percent commission to cover its administration costs and deposit your eBucks into your account.
Some of the discounts FirstRand has negotiated with its merchants are enticing, though. For example, a return plane ticket between Cape Town and Johannesburg can be bought with eBucks for R800, instead of the usual R1 200.
Unlike other shopping portals that offer you access to shops and other service providers through a particular site, eBucks is a payment system which means you can visit the shop of your choice by going directly to its website. If the shop is a participating merchant in the eBucks.com, you can order your goods directly and use eBucks to pay for them, rather than divulging your credit card details over the internet.
2. Loyalty programme
The programme provides some incentives for you to use the FirstRand group products.
If, for example, you buy a car for R250 000 on a five-year term at 14.5 percent through Wesbank and agree to pay by debit order and receive email statements, you will receive eB588 (R58) when you make your first payment. You will be rewarded for further payments with eB177 (R17.70), which means if you stick to your five-year term, you will receive eB7 419 or R741.90.
You will also receive eBucks if you switch your financial services to the FirstRand group. You should think carefully, though, before doing this to make sure it is worth your while. For example, if you switch your home loan to FNB HomeLoans at a fixed interest rate of 14.5 percent, pay your loan by debit order and agree to get your loan statements by email, you qualify for an initial joining bonus of eB100 (R10). You will also be awarded eBucks for each year you have the loan and over a five-year period, you could receive a total of eB9 315 or R931.50.
3. Financial services portal
You can access FNB HomeLoans, FNB Card division, WesBank, FNB Trust Services and FNB CashPower Personal Loans via the website. The eBucks website address is www.ebucks.com