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InstantMoney
Community Coordinator
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Our InstantMoney payment solution has made its way to Botswana and Uganda with many other African countries to follow soon. The InstantMoney service allows Standard Bank customers to send cash via our electronic channels to a recipient by using an access code from a text-message voucher system. InstantMoney is doing very well in South Africa, processing more than R6.5 billion in transfers within the country alone.

 

The great thing about InstantMoney is that the recipient doesn’t need to be a Standard bank customer and the cash can be withdrawn immediately at a Standard Bank ATM using the pin sent to them by the sender.

InstantMoney is our solution to a card-less form of cash withdrawal. You can send money to yourself, a friend or family member in a convenient and easy way. This solution reduces the amount of fraud or theft that comes with having to send money via third parties just because the recipient doesn’t have a bank account.

 

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This technology makes perfect sense because sub-Saharan Africa’s mobile penetration rate is 70% and this represents a massive market that need easy-to-use but safe mobile solutions to banking, 24 hours a day. The InstantMoney service will roll out to Namibia by the end of the year with more countries in the bank’s network lined up for 2016.

 

The service would usually be used between two people but it has the potential to be used as a salary payment mechanism for small to medium sized businesses to make payments to employees or suppliers operating on the African continent.

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3 Comments
Quinton fernandez
Not applicable

I received  a instant money, (cardless service) from a client. It is my first time to use standard Bank instant money.

I didnt see the first msg that has the voucher code, so i followed the prompt *120*2345# on the second msg.

I created a wallet pin, following the prompt and i received a voucher code, i used my wallet pin on trying to draw the money at the atm with the voucher code shown on my screen. After entering the wrong pin (wallet pin) 3 times. The atm closed my resent use.

 

I found out that i had to use the password provided from the sender. 

I tried using the password with the voucher code, ATM SAID THAT VOUCHER CODE WAS USE?!?

I haven't received my money, and shows on (*120*2345#) that money was successfully sent to my own cell no..

 

Please  do explain to me what would be the next following steps to receive my instant money. 

 

 

Mboni
Not applicable

Hi, I would like to know what happens to a voucher that is unwithdrawn for a year and the voucher number is generated by the system?

Mboni
Not applicable

Hi what happens to a voucher that has been collected for over a year and the pin is generated by the system itself?