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STANDARD Bank’s Instant Money service can now be cashed out at selected spaza shops around the country, as well as major retailers including Pick n Pay and the Shoprite Group.
The list of the bank’s new major retail partners for the cardless money sending service include Pick n Pay, Shoprite, Usave, Checkers, House and Home and OK furniture.
The bank’s cardless money sending service has been in a retail partner network with Spar, Game, Builders Warehouse, Cambridge Food, Rhino Cash and Carry and Makro.
Capitec’s Send Money feature, which operates in a similar manner as Instant Money, has also recently expanded from Shoprite, Usave and Checkers, with Game, Makro, Pick n Pay and Builders added to their expanded list of retail partners.
Standard Bank said the new partnerships with Pick n Pay and the Shoprite Group would see the bank increase their footprint to over 15,000 cashout points across the country.
“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,” said Ethel Nyembe, the head of card and payments at Standard Bank.
“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.”
He said the cardless money service was in high demand during lockdown weekends, school breaks and holidays, as well as at month-end.
On the new partnership with selected spaza shops, Pick n Pay and the Shoprite Group, Nyembe said: “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.
“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,” said Nyembe.