Building on its BASE24-eps® payments platform, Absa Bank has added mobile phone banking to its portfolio of retail banking services and has dramatically extended the reach of its banking services in South Africa. CashSend™ makes it easier to send cash securely and safely to any phone-owning recipient, anywhere in the country, and has added a new access channel to Absa’s existing customers.
The challenge
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At the end of each month, many of Absa’s customers would withdraw large amounts of cash for distribution to workers and family members, often by taxi or courier. Absa wanted a new service that would enable its customers to send money to unbanked recipients and promote its services to potential new customers.
The solution
Working with ACI Worldwide, Absa developed CashSend, a person-to-person payments solution that enables senders to initiate payments from their mobile phone, online banking or from an ATM, and allows recipients to withdraw cash from any Absa ATM using their mobile phone instead of a bank card.
The results
CashSend has created a safe way to transmit funds across South Africa, and provided a greater level of convenience for Absa customers by enabling transactions to be initiated from either its online banking service, its ATMs or a customer’s own mobile phone. It has also expanded Absa’s customer reach: the bank has seen an uptake in unbanked individuals wishing to establish a relationship with the bank, as well as an increase in customers switching from rival banks.
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