Standard Bank Instant Money has grown its footprint to over 15 000 cash out points nationwide. Picture: Karen Sandison/African News Agency(ANA)
Standard Bank Instant Money has grown its footprint to over 15 000 cash out points nationwide. Picture: Karen Sandison/African News Agency(ANA)

Standard Bank Instant Money footprint reaches 15000 points

By Given Majola Time of article published Nov 24, 2020

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DURBAN - STANDARD Bank Instant Money has grown its footprint to over 15 000 cash out points nationwide to expand the service’s reach and to deal with demand for cash during the month-end, long weekends, school breaks and holiday periods.

Standard Bank head of card and payments Ethel Nyembe said the Standard Bank Instant Money was particularly in demand during these periods. “We want to create a future where our customers can just go down the street and not be required to commute to send or receive their money”, says Nyembe.

The financial institution said it has partnered with more South African major retailers and selected spaza shops over and above those they already had a partnership with. “Instant Money receivers are now able to redeem their money at Pick n Pay, Shoprite, Usave, Checkers, House and Home, OK furniture as well as selected spaza shops nationwide. This is in addition to Standard Bank’s established retail partner network comprising of Spar, Game, Builders Warehouse, Cambridge Food, Rhino Cash and Carry and Makro,” said Nyembe

She added that innovation and access to financial services was crucial for Standard Bank hence they have expanded their retailer footprint to offer customers more options for using Instant Money, which was designed to make transactions faster and more convenient.

According to Nyembe the full range of Instant Money products ranged from the bank’s business Bulk Payments solution, the personal Instant Money Wallet, to Instant Money Transfer on Standard Bank channels. Retailers offered a range of affordable, convenient and trusted solutions for those who needed to send and receive money on the move.

Customers who do not bank with Standard Bank were also able to send money to any South African cell phone number from Spar, Game, Builders Warehouse, Cambridge Food, Makro or Rhino Cash and Carry stores countrywide. Standard Bank account holders could also access Instant Money via online banking, the mobile app, cell phone banking, and Standard Bank ATMs.

To send Instant Money at one of the participating retailers a customer needed to produce their South African ID book or Smart ID Card and provide their cell phone number as well as the recipient’s cell phone number. They would then confirm at the till point how much they wanted to send and would be charged a fee based on the amount they wanted to send. They would then receive a voucher number.

The recipient (The person to whom money is sent) would also receive the voucher number. The sender of the money would have to contact the recipient and give them the PIN.

To collect Instant Money one can redeem at an ATM by selecting Instant Money and entering the voucher number as well as the voucher PIN.

To redeem at their nearest participating retailer they ought to provide the cashier with the voucher number and enter the voucher PIN.

Standard Bank said that by deliberately expanding their retail partner footprint for their Instant Money offering, they were able to bring the service to even more South Africans, safely and securely. “As a result, more friends, loved ones, staff and customers who may not have access to traditional banking methods will now be empowered to send and receive money. We will continue to help our customers in ways that matter and make their lives easier, because when we believe it, we know that It Can Be,” said Nyembe.

BUSINESS REPORT ONLINE

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