Standard Bank’s Instant Money gains tractionITWeb #Instant_Money

Standard Bank’s Instant Money gains tractionITWeb #Instant_Money

November 27, 2019 0 By NewsTakers

This as the bank has had to shut down 104 branches this year, in a bid to ramp up its digitising efforts.
According to Standard Bank, it is seeing a month-on-month increase of 70 000 new customers using the Instant Money service.
Nelisa Zulu, head of merchant solutions at Standard Bank, says the increased uptake of mobile money transfer services shows South Africans, including those without formal bank accounts, are becoming comfortable with digital banking services.
“We are finding that Instant Money is particularly popular with people living in cities who wish to transfer money to family members in rural areas.
Customers can access Instant Money through online banking, mobile app, cellphone banking, or at Standard Bank ATMs or retail partners,
Africa’s biggest lender by assets says its money transfer service is offered at more than 6 500 access points across the country.
More than R60 billion has been processed since Instant Money’s inception, according to the bank.
“Recipients don’t need a bank account and can collect their funds at a date and time of their convenience.
We have examples where businesses had payment challenges and, at short notice, had to pay more than 2 000 employees.
The report adds that not all Capitec clients have been alerted to the upgrade.

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