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Home » Creating a Better Tomorrow for Yourself through Standard Bank’s Instant Money wallet

Creating a Better Tomorrow for Yourself through Standard Bank’s Instant Money wallet

Yinka Okeowo by Yinka Okeowo
November 3, 2022
in Finance
0

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By partnering with major retailers and spaza shops to provide over 50 000 cash out points nationwide, Standard Bank is empowering customers with the ability to receive their cash vouchers quickly, and without travelling far and wide.

https://techeconomy.ng/2022/08/standard-bank-adds-google-wallet-to-contactless-payments/

Standard Bank’s Instant Money Wallet provides an affordable way to transfer money using only a cell phone number.

This not only helps people who do not have access to traditional banking methods to transact, but also serves as a cardless solution that makes transactions faster and more convenient – with low transaction fees.  

A 2019 survey by FinScope revealed that 91% of South African adults use cash for goods and services payments. 36% also receive their livelihoods in cash and 31% deposit or withdraw their remittances in cash. However, many South Africans do not have bank accounts, and in instances where they would want to send money to their elderly family members, dependants or others located elsewhere, they would have to physically travel to them or risk sending cash through other parties.

The arrival of mobile money services such as Standard Bank Instant Money Wallet enables anyone with a South African identity document (SA ID) and cell phone number to store, send and receive money instantly, regardless of where they are located or whether they have a bank account or not. Simply put, all you need to remember is your recipient mobile number.  We obviously will also register the person to whom you are sending funds as a wallet user enabling a smooth movement of value from sender to receiver.

“Sending money is an important and emotional experience for South Africans, it’s about responsibility and the ability to say, ‘I managed to do that’, especially if they have worked hard over the years to get to where they are. On the other hand, receiving money can change someone’s situation in an instant, and empower them with the ability to pay for a child’s education, to put food on the table and/or support in an emergency,” comments Rufaida Banoobhai, Head of Payments in South Africa at Standard Bank.

“Not only does it provide a safer and easier way to send and receive cash, but it is associated with something much bigger: creating a better tomorrow for all South Africans by enabling them to do the most with their money, today. Also, by keeping cash moving between hands, faster than ever before, the economy of the country benefits too as people receive funds to purchase goods and services, as well as to save to achieve their life goals and dreams, such as owning a home of their own, or starting up a business, for example.”

Anyone with a SA ID and cell phone number can sign up for Standard Bank’s Instant Money Wallet by dialling *120*212# or downloading the Instant Money App from the App Store. After setting up the Standard Bank Instant Money wallet, users are able to send, receive and store money affordably and without a bank account. The Standard Bank Instant Money Wallet offers lower fees than traditional bank accounts for transferring money and cashing it out at partner retailers as well as spaza shops. Users can enjoy zero fees when transferring cash from their Instant Money wallet straight to another user’s wallet, which lets both senders and receivers keep more of their hard-earned money.

Through the Standard Bank Instant Money wallet, users can also purchase utilities such as electricity or airtime as well as data faster and efficiently, from the comfort of their homes or on-the-go.

Instant Money wallet customers can cash out the money received via Instant Money at Pick n Pay, SPAR, Makro, PEP, Shoprite, Usave, Checkers, House and Home, OK Furniture, Game, and selected OTT Collect approved outlets and spaza shops. Standard Bank customers can access Standard Bank’ Instant Money via online banking, the mobile app, and Standard Bank ATMs or through participating retailers.  

“With Instant Money, we, as Standard Bank, want to empower more South Africans, especially those without access to formal banking services, with the ability to do more with their money in a quick and easy manner. With Standard Bank’s Instant Money wallet, anyone with a South African cell phone number and SA ID can store, transfer and receive money in a way that is easier, more convenient, and more affordable than ever before. That is why we’re continuing to expand the Standard Bank Instant Money’s nationwide footprint, which is the mobile money service with the largest partner retail footprint in the country, providing consumers with access to critical services like banking that can ultimately change people’s lives and boost economic activity of the country.”

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  • Yinka Okeowo
    Yinka Okeowo

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