If you thought that paying your bills could never be a rewarding experience, think again. Nedbank’s new Bill Payments feature is set to make bill payments far more rewarding by giving clients Greenbacks, SAA Voyager Miles or American Express Membership Rewards for every bill they pay.
The extensive bill payments and bill management feature, available on the Nedbank Money app and Online Banking includes more than 500 listed beneficiaries.
According to Nedbank, you will now be in full control of your regular or monthly bills, able to keep track of payments, set payment rules for each beneficiary and, best of all, earn valuable rewards whenever you make a payment to a service provider listed, provided that the card selected for the bill payment is eligible for rewards on spend.
Nedbank developed the Bill Payments solution in response to research that showed that South Africans prefer to pay around 60% of their regular bills manually because they worry about errors or double debits if they automate these payments, for example using a debit order or scheduled payment. This percentage increases for bills that vary from month to month, like utilities and municipal accounts.
According to Chipo Mushwana, Executive: Emerging Innovation at Nedbank, the free Bill Payments feature is yet another way that Nedbank is delivering on its commitment to leverage its digital platforms to help its clients manage their money better.
Mushwana said, “since paying bills is something that everyone has to do, but nobody enjoys, we decided it was high time to make paying bills a much more gratifying and rewarding experience – and our Bill Payments function on the Nedbank Money app is the result.”
Nedbank Bill Payments offers an array of user-friendly features designed to make it easy to manage and streamline the payment of bills like clothing store accounts, insurance, bond and car repayments and many other service provider costs.
The Bill Payments functionality will be available once you have logged into the Money app or Nedbank Online Banking, and you can use it to load all your regular bills and add a unique payment rule for each one. Then you can automate the payments or, if you prefer to action the payments yourself, set a reminder to do so for each beneficiary. You can even set the maximum payment amounts per beneficiary and edit or stop scheduled payments when you need to.
‘The Nedbank Bill Payments feature makes it easy to keep track of all the bill payments you’ve made, or those you haven’t yet made, giving you full control therefore, you need never again worry about damaging your credit record, incurring penalties, or having a service suspended because you missed a payment, paid late, or made payment to the wrong beneficiary,’ Mushwana points out.
Nedbank’s Bill Payments feature is currently in pilot phase and will be available to the broader market later this month.