By
Vishal Bhidu
As we speak about digitisation being norm of the day and boosting inclusiveness in terms of technology as well as offering a suite of products aligning to the taste of the new generation, Bank One has time and again innovated by being ahead of the curve. Coffee and Conversations on Thursday, April 20 over POP Save and POP Insure as Bank One launched two of its brand new features on its trademark and universal finance app where both are considered as first of its kind in helping to boost accessibility to all the app users, not limited to the bank’s customers and also non-bank customers.
Bank One’s CEO Mark Watkinson shared the role of POP Save designed to create a smart goal for the self and future savings. He hinted at the incentives offered by the new product, “There is no documentation and getting the benefits of instant Pop Save, no face to face where everything is digital.”
Head of Personal Financial Services at Bank One Bhavya Shah tells about the numerous incentives such as using the app with no locking or fee where 4 percent interest offered on savings which are nowhere available in Mauritius.
There are four specific categories for users to automate their saving goals, namely, Auto Save, Smart Goals, Round-Up, and Top Up where each one corresponds to a unique user behavior and needs. The savings will grow effortlessly on the money tree for users with the option of withdrawing money at any time without any imposed penalty.
He added, “We believe that everyone deserves access to the best financial tools, regardless of who they bank with. POP Save is a game-changer in the savings landscape. It provides a new and unique way of saving, which is currently not available in the market. It is intuitive, invisible, seamless, and frankly fun, making it easier for our users to develop savings habits and achieve their future goals. With POP Save, we want all Mauritians to enhance their savings habit and join in on our mission to foster a culture of ‘save-now-buy-later’.”
Today, as we speak about saving for future generations, insurance remains a must and is often seen by many as one of the most hated financial products. This is where Pop Insure comes up in breaking new grounds to instill a saving and insurance culture by looking at the fact of how complex processes can be. The aim of this new insurance offering, the Head of Personal Financial Services says, is not to leave financial security for chunks in making it one insurance marketplace for everyone in offering the convenience and benefits of getting the best possible deals for clients through negotiations by Bank One. All needs are being served by multiple partners.
In short, POP Insure helps users to compare and choose insurance products suiting their individual requirements and budget, sitting in the comfort of their own homes where it has partnered with a slew of insurance companies such as SICOM and MUA to provide a single platform to conveniently help compare and fulfill their needs ranging from car insurance to home insurance to travel insurance and also life insurance. The bottom line is POP Insure simplifies the insurance buying process and ensures that the users get the best options.
COO of Bank One Eric Hautefeuille says, “After the successive launch of NFC, full digital onboarding and payments via the MIPS PayStation in 2022, POP Save and POP Insure are two new disruptive features that our users will love. They are built on our robust suite of digital services and are part of a larger vision to offer more choice for all customers no matter where they bank” while adding, “POP has definitely paved the way for innovations that will gradually change our habits and make Mauritius a cashless society.”
In reply to a question of Platform Africa on the POP features catering to the expat community in Mauritius, Bhavya Shah says that as long as someone holds a local Bank account and mobile number, every user is welcome and the whole system or products are driven by the regulatory framework in place. He explains: “The Bank of Mauritius is very actively encouraging to promote the usage of UPI transactions locally and with the need to go beyond in making the shift towards RUPAY cards. During the 7-8 years, UPI has witnessed a growth of 16 percent as we speak about transactions taking place in India considered as the fastest and largest ones
taking place. Bank One is working in tandem with the banking regulators in helping POP users to send and receive money through India free of cost where we are one of the pioneers to foster its implementation.”
POP was launched on September 30, 2021, as the very first universal mobile payment solution in Mauritius. The launching of POP by Bank One has been a huge technological leap as digital payments are now accessible and affordable via a smartphone to anyone having a bank account in Mauritius. POP leverages the MauCAS payment network, owned by the Bank of Mauritius, which aims to make e-commerce, banking, and mobile payments interoperable. More information can be obtained by following the link: https://www.pop.mu/pop-save/
