Standard Bank’s Instant Money partners with PEP group
South Africans can now collect their Instant Money vouchers at more than 18 000 locations across the country. Standard Bank has entered an exciting new partnership with PEP, which has over 2 000 locations nationwide. This will greatly increase Instant Money’s reach in urban and peri urban areas.
PEP is the latest retailer to join Standard Bank’s growing network of Instant Money partners, which comprises of spaza shops and other major local retailers including Boxer, Builders Warehouse, Checkers, Game, Cambridge Foods, Pick n Pay, Shoprite, and Spar, among others.
Standard Bank’s Instant Money service allows customers to send cash to anyone in SA with a cell phone number, for PIN-controlled cardless collection at any of the bank’s ATMs or retail partners – of which there are now more than ever.
Ethel Nyembe, Head of Card and Payments at Standard Bank, explains that the latest partnership with PEP stores forms part of the bank’s efforts to expand Instant Money’s network of partner retailers so that more customers can access the service, and do not have to travel too far to send or receive their cash.
Customers’ increasing preference for convenient and cost-effective solutions spurred the uptake of the Instant Money transfer services. This, Nyembe says, is also due in part to the fact that South Africans, including those without formal bank accounts, are becoming comfortable with digital banking services.
The ease of transacting that Instant Money provides has also caught the attention of businesses, who are using the service to reduce payment costs and time it takes for a payment to arrive. Bulk Instant Money allows businesses of any size to disburse funds through the Instant Money platform to a cellphone number in real time. Recipients don’t need a bank account and can collect their funds at a date and time of their convenience.
KwaZulu-Natal, Eastern Cape and Gauteng are the biggest recipients of Instant Money vouchers, according to Standard Bank’s transaction data.
Nyembe explains that by expanding the bank’s retail partner network for Instant Money, “we are bringing the cash-sending offering closer to even more of our customers. PEP, for example, has an expansive footprint in the country, which will ultimately enable more South Africans with or without formal banking services to be empowered with the ability to send and receive money”.
“Our Instant Money platform is a powerful way to widen access to the financial system as it allows cash to be transferred more efficiently, securely and economically than ever before. Whether in rural areas or city centres, money can be sent or received.”
Following the onset of the Covid-19 pandemic and the introduction of lockdown measures in the country, the Instant Money service exploded in usage. This as South Africans were isolated from one another and advised by the financial services industry to rather use digital solutions.
“Innovation and access to financial services is crucial for Standard Bank and that is why we continue to expand our retailer footprint to offer our customers more options for using Instant Money,” concludes Nyembe.