Instant money

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-header1

Instant money – What is it?

The Instant Money product from Standard Bank, as an example, allows cash to be sent to any recipient with a South African cell phone number, which can then be redeemed from any Standard Bank ATM or participating retail partner. 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?

ReconAssist_tick

The customer enters the store and requests an instant money transfer

ReconAssist_tick

Once registered, with proof of identification, the remittance can be processed

ReconAssist_tick

The customer receives the generated voucher number

ReconAssist_tick

They can then share their voucher number and secret PIN with the receiver

ReconAssist_tick

The receiver can immediately redeem from any participating merchant

For more information on how Instant Money from Standard Bank works for consumers, click here.

Why retailers should offer instant money

Implementing Instant Money in your retail space offer benefits that support business growth objectives. Due to the accessibility and ease of this service, consumers visiting your store enjoy higher satisfaction levels and an improved brand experience. This service also acts as a value-added service that would form part of why consumers shop at your establishment. 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.

Interested or want to know more?