Standard Bank’s Instant Money tops 50k access points
Standard Bank’s digital wallet Instant Money can now be accessed at 50 000 cash-out points in South Africa, the bank announced.
This comes after the bank revealed last November that its access points had increased to 15 000, including selected spaza shops.
Standard Bank attributes the current footprint increase to its recent partnership with Kazang, saying the partnership increased access points by approximately 31 000.
Kazang is a prepaid value-added services and micro-payments company that offers shopkeepers the opportunity to increase their revenue by selling prepaid vouchers for a variety of services, including airtime and electricity, Lotto tickets, more than 120 bill payments and Instant Money voucher redemptions.
“Innovation and access to financial services is crucial for Standard Bank and that is why we continue to expand our retail footprint to offer our customers more options for using Instant Money,” says Nelisa Zulu, head of card and payments at Standard Bank.
Standard Bank’s Instant Money is a money transfer product that’s the equivalent of FNB’s eWallet or Absa’s CashSend offerings.
It allows customers to send funds to anyone in SA with a cellphone number, for PIN-controlled cardless collection at any of the bank’s ATMs or various retail partners. The funds can be transferred using internet banking, ATMs, the banking app and cellphone banking.
With Instant Money, a limit of R5 000 per day can be sent from PEP, Spar, Cambridge Food, Game, Makro, Builders Warehouse and Rhino stores.
Withdrawals can be made from the same stores, as well as Kazang outlets, select OTT partner stores, Pick n Pay, Boxer, Shoprite, USave, Checkers, OK Furniture, and House & Home nationwide.