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Bank Zero goes live with ‘pay many’ facility

Sibahle Malinga
By Sibahle Malinga, ITWeb senior news journalist.
Johannesburg, 24 Jan 2024
Bank Zero will introduce immediate pay and phone tap payments within the first half of 2024.
Bank Zero will introduce immediate pay and phone tap payments within the first half of 2024.

'Pay many', Bank Zero’s latest payment offering, is now available on the digital bank’s Android and iOS mobile app, targeting its commercial clients.

This, after Bank Zero CEO Yatin Narsai revealed to ITWeb yesterday that the digital-only player is preparing several new payment offerings, as part of its strategy to introduce additional solutions to enable an efficient and seamlesspayment process for customers.

The ‘pay many’ service allows businesses and other entities to send payments to a large number of people simultaneously.

“It entails a single screen where all payments from that account can be loaded in one go – any combination of suppliers, wages, etc. It allows the business to run totals and check that all recipients are loaded,” explained Narsai.

“There is also the option of queuing of payments into the authorisation chain set-up for that business, and payments are only released when fully authorised.”

Notifications are sent to the authoriser/s while authorising the bulk payments, to prevent internal fraud, he added.

The ‘pay many’ offering is currently in beta testing; however, it has been made available to all clients from today, the bank confirms.

Other payment services that Bank Zero is working on include immediate payments, international electronic fund transfers and phone tap payments, it says.

“Our business customers have asked that we add the ‘pay many’ capability as an urgent priority, so they can easily pay wages, or their supplier list at month-end. Immediate pay and phone tap payments will also be launched within the first half of 2024.”

In October, the bank introduced what it described as a low-cost, high-security commercial bank account targeted at local businesses. It bills itself as the only local bank that offers free basic banking services for businesses.

Its banking fees are in the region of 85% lower than the packages offered by the big-four banks, which range from R463 to R769 per month, it says.

Instances where pricing applies include drawing cash at any ATM (R9 per R1 000) and balance enquiry (R2) at a point-of-sale or ATM. The same pricing applies to individuals and businesses.

The neobank says it has seen a huge appetite for its services among South Africans, with customer growth up 75% year-on-year between 31 December 2022 and 31 December 2023.