As a person-to-person remittance product, the concept of instant money transfers enable individuals to safely send cash from wherever they are, without the need for a bank account.
Instant money – What is it?
The convenience and user-friendliness of this product opens the door to cash transfers for individuals without the need for a bank account, which largely appeals to a variety of target groups in South Africa. These services can be integrated into virtually any retail store and bring many benefits to support business growth.
How does instant money work?
The customer enters the store and requests an instant money transfer
Once registered, with proof of identification, the remittance can be processed
The customer receives the generated voucher number
They can then share their voucher number and secret PIN with the receiver
The receiver can immediately redeem from any participating merchant
Why retailers should offer instant money
This service allows consumers to easily transfer or receive funds without the need for a bank account. Therefore, higher foot traffic will result as consumers either visit your location to initiate a transfer or collect funds. This leads to a higher likelihood that consumers will choose to purchase their goods from your location, as a one-stop solution, or to spend the money they are receiving there. The long-distance capability of this service also allows for nationwide impact.
These cash transfers are rarely confined to one period of time, as they have shown to be in high demand throughout any one month. Additionally, a small revenue boost is gained for the merchant through handling fees that are incorporated into these transactions.
From a KYC perspective, this added service empowers communities and individuals without access to traditional banking methods. This makes lives easier and creates a more positive association with the brand. This can easily and largely have a positive impact on public relations.
Integration from OmniHub
Instant Money can be fully integrated into Ecentric’s OmniHub, a single integration payment processor that allows merchants to easily plug into multiple digital service providers without needing to integrate separately. This software can also be utilised alongside ReconAssist™, which allows for seamless reconciliation of all OmniHub transactions.
If you are interested in Instant Money or would like to know more, please feel free to contact our experts.