Standard Bank Instant Money has partnered with some of South Africa’s major retailers and selected spaza shops; growing its footprint to over 15 000 cash out points nationwide.
“Innovation and access to financial services is crucial for Standard Bank and that is why we have expanded our retailer footprint to offer our customers more options for using Instant Money, which is designed to make transactions faster and more convenient,” says Ethel Nyembe, Head of Card and Payments at Standard Bank.
Nyembe explains: “The full range of Instant Money products ranging from our business Bulk Payments solution, the personal Instant Money Wallet, to Instant Money Transfer on Standard Bank channels and retailers offers a range of affordable, convenient and trusted solutions for those who need to send and receive money on the move”. This sought-after service is particularly in demand at month-end, during long weekends, school breaks and holiday periods.
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. “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.
Customers that don’t bank with Standard Bank are 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 can access Instant Money via online banking, the mobile app, cell phone banking, and Standard Bank ATMs.
Sending Instant Money at one of the participating retailers is a simple process:
• At your participating retailer, produce your South African ID or Smart ID Card and provide your cell phone number as well as the recipient’s cell phone number.
• Confirm at the till point how much you want to send; you will be charged a fee based on the amount you send.
• You will receive a voucher number.
• The recipient (The person you are sending money to) will receive the voucher number.
• You will have to contact the recipient and give them the PIN.
Collecting Instant Money is just as simple:
• Redeeming at an ATM: Select Instant Money and enter the voucher number as well as the voucher PIN.
• Redeeming at your nearest participating retailer: Provide the cashier with your voucher number and enter the voucher PIN.
“By deliberately expanding our retail partner footprint for our Instant Money offering we are able to bring this 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.” concludes Nyembe.