Standard Bank expands money payment solution

Standard Bank expands money payment solution

Standard Bank expands money payment solution

By MTHULISI SIBANDA
JOHANNESBURG, (CAJ News) – STANDARD Bank has expanded its InstantMoney payment solution to Botswana and Uganda as part of broader plans to roll out the service across the continent.

Thanks to the extension of the service, recipients, who do not need to be Standard Bank customers, can immediately withdraw the funds at any Standard Bank ATM by simply keying in the access code and PIN once sent to them by the sender.

“InstantMoney is essentially a card-less form of cash withdrawal that allows our customers to send money to themselves, friends, staff or relatives in a convenient and accessible manner,” said Brad Gillis, Head of Payments, Personal and Business Banking Africa at Standard Bank.

InstantMoney, which has processed more than R6,5 billion in transfers in South Africa alone, allows Standard Bank customers to send cash via any of the bank’s electronic channels to intended recipients, via an access code received by a text message-based voucher.

InstantMoney payments are limited to R5 000 and are also subject to a transaction fee of R10, which is payable by the sender.

Gillis says the service also has potential to be used as a salary payment mechanism for small to medium sized businesses operating on the African continent.

“It could provide corporate clients with a safe way to manage their cash as well as salary payments to employees. That makes it a particularly attractive solution for small businesses that may need to make cash payments to employees or suppliers in countries such as Botswana or Namibia where distances can be vast.”

Standard Bank is planning to roll out the service in Namibia by year-end, with more countries in the bank’s network lined up for 2016.

CAJ News

Short URL: http://cajnewsafrica.com/?p=6937

Posted by on Jul 22 2015. Filed under Featured, Finance, Finance & Banking, Investing, Investing. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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