Standard Bank lets customers send cash to mobiles

Source: Standard Bank

Money transfers have just become easier with Instant Money, the Spar money transfer platform powered by Standard Bank.

INSTANT MONEY allows individuals to send cash to friends and family members through their retail distribution network.

Enhancements to INSTANT MONEY now make it possible for Standard Bank account holders to send money to mobile phones directly from their bank account.

Once the sender has processed the payment from their Standard Bank account, the recipient receives an INSTANT MONEY voucher code and notification of the payment on their mobile phone. The payment can be redeemed for cash at participating SPAR store.

To utilise the service, users need to have a Standard Bank account and be registered for Internet banking. They then need to visit www.instantmoney.co.za and click on the "send money" link

In addition to processing a single send transaction from a Standard Bank account, INSTANT MONEY has also catered for businesses that have to perform multiple send transactions in order to pay staff that do not have bank accounts.

INSTANT MONEY now allows a sender to send up to 100 transactions at a time. The money is taken off the sender's account as a single transaction and unique voucher codes are sent to each of the recipients listed on the transaction. The system is easy to use and payments can be set up to run at a specified date and time.

To register for the bulk money send service, new users need to call the instant Money Call Centre on 0860 IMONEY (466639).

"INSTANT MONEY solutions are particularly useful in the case of salary payments, where staff do not have bank accounts and salaries need to be paid in cash or by cheque," said Herman Singh, chief executive officer of Beyond Payments, the division of Standard Bank responsible for enabling Instant Money at Spar.

"It conveniently eliminates the need to draw and carry cash, as well as the complication of having to meet up with the recipient to hand the cash over when the payment is due. Customers also find it useful not having to send money in rounded denominations. They are able to transfer any amount required"

About 45 million South Africans own mobile phones, yet less than half this number has a bank account. This fact has fed the success of INSTANT MONEY, which affords a safe and reliable means of exchanging money, regardless of the distance between sender and receiver.

Since its launch in March last year, INSTANT MONEY has achieved phenomenal growth and has a growing base of active users. To date, over 400 Spars have signed up for INSTANT MONEY".

"Spar store owners view the money transfer solution as a key driver of foot flow into their stores and our innovations are geared to further enhance the experience of customers using Instant Money".

The enhancements to Instant Money are expected to receive similar widespread acceptance, especially in South Africa's rural areas, which are home to the greater proportion of South Africa's unbanked population. 

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