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3 minute read
19 Aug 2021
9:12 am

Standard Bank customers can now make payments to cell phone numbers

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Standard Bank Instant Money Bulk Payments allows you to pay your staff from your business account through their South African cell phone numbers.

With Standard Bank Instant Money Bulk Payments you will be able to send money even to recipients who have no bank account. You can make payments of up to R5 000 daily and R25 000 monthly for every cell phone number.

Standard Bank is proud to announce a further value-add to their Instant Money Bulk Payments offering in the form of a new cashback solution that will run for three consecutive months. The initiative aims to improve our service to business owners and to enable them to conduct their banking more efficiently. Entrepreneurs who have signed up from 1 June 2021, and have 50 or more transactions processed before 31 August 2021, will be able to qualify once-off to have 50 transaction fees paid back into their bank accounts. This amounts to R497.50.

The Instant Money Bulk Payments solution embraces digital innovation and the opportunities it presents. “We realised that the investments made in digital innovation will ensure that our clients can succeed in a fast-changing world. Instant Money Bulk Payments gives clients the ability to make multiple payments to a number of recipients in one go, as well as setting future-dated payments to process automatically so that clients don’t need to be at their desks physically or on the system in real time,” said Standard Bank spokesperson, Nelisa Zulu

Technically, Instant Money Bulk Payments is a secure way of paying stakeholders in the most convenient way. “Through Instant Money Bulk Payments, we set out for clients to be confident in the fact that we understand their business and personal needs. From a security perspective, the client will have a reduced need for cash at their points of presence and this feature will also contribute to flattening the Covid-19 infection rate curve,” said Zulu.

Allowing business owners to pay their employees, suppliers, and customers simultaneously, with the added benefit of the cashback solution, is what sets Instant Money Bulk Payments apart from other solutions currently in the market.

“When we first set out to develop Instant Money Bulk Payments, we went in with the view and understanding that South Africa’s economic success is largely driven by entrepreneurs, who are the engine room for growth and job creation in our country.”

Standard Bank conducted extensive research through in-depth engagements with business owners for the purpose of understanding the problems entrepreneurs face and establishing how Standard Bank could solve them.  The outcome of this process has been the development of Instant Money Bulk Payments, a unique proposition that leverages convenience and simplicity through a product aimed at providing a great client experience, which is the key to success and continued client satisfaction.

At its core, Instant Money Bulk Payments is a solution for entrepreneurs who are not rooted in the old, monolithic structures of traditional banking. Instead, the focus is on providing banking solutions that are lean, agile and responsive. Business owners have a very specific set of business needs, and they need a banking partner that will support them through the complexities of running a business.

“We want business owners to understand that with us they have a partner that enables their growth. As Standard Bank we are excited to see how this solution will help our clients with everyday payment needs as we endeavour to provide the very best service and the very best solutions for our clients. Every day, we work to help businesses unlock their growth. Bank on us and let us drive your success,” added Zulu.

Terms and conditions apply: The offer period started at 00:00 on Tuesday, 1 June 2021, and ends at 23:59 on Tuesday, 31 August 2021. To qualify for the offer, clients must be 18 years or older and they must permanently reside in the Republic of South Africa.