Standard Bank - Innovation's Hub The Innovation and New Business Incubator of Standard Bank is a hub of ideas and an energetic generator of creative financial solutions and products. mimoney, a proudly South African virtual cash equivalent, was launched in November 2008 and there are several new innovations in the pipeline for imminent release. What is mimoney? mimoney is legitimate virtual currency changing the way we make payments - prepaid money on the phone. It is a payment innovation that addresses a fundamental shift in currency worldwide, essentially the "dematerialisation of money". mimoney is an electronic currency accessed via cell phone that can be utilised to make purchases at an increasing number of retailers, both on- and offline. mimoney converts hard cash into virtual cash, which is accessed from the ubiquitous cell phone. This gives the youth, non-credit card users and people who do not yet shop online an elegant solution to safe and secure online payments.