Nedbank has bolstered its Money app with new payments options, including Scan to Pay and Pay Me.
The app was first released last year November to help the bank's customers manage and control their money.
Scan to Pay is a function within the NedbankMoney app that makes it possible for anyone using it on their smartphone to pay at any physical or online vendor that offers MasterPass, Snapscan, Pay@ or Zapper Quick Response codes as a payment option. This without having to download all those apps separately and create an account as all the credit and debit card details are already securely loaded onto the Nedbank app.
This means users will be able to pay using their smartphones at over 100 000 retailers and vendors countrywide, some of which only offer these services and do not accept cards.
Pay Me allows users to make money transfer requests to other Nedbank users. The app user sends a Pay Me request either by entering the recipient's name and cellphone number, or by selecting an existing contact from their mobile phone book. The recipient receives an SMS with all the banking details.
Mutsa Chironga, divisional executive of consumer banking at Nedbank, says the institution will also bring a cross-border remittance solution to the app.
"In a further demonstration of our commitment to provide our clients with access to a Pan-African banking network, we are excited to announce the launch of a cross-border remittance solution as part of the NedbankMoney App," says Chironga.
"Every year, people living and working in South Africa transfer around R19 billion worth of funds to family members and friends outside the borders of the country. Typically, the cost and complexity of regulatory compliance makes these cross-border fund transfers time-consuming and very expensive. We are about to change all that with the launch of a simple, digital, cross-border remittance solution that will make instant and inexpensive funds transfers a reality."
Developed in partnership with Nedbank Ecobank, the function will allow Nedbank account-holders to send money to Ecobank account-holders in 33 countries across Africa. In most cases, the transferred funds will be available in the recipient's account immediately.
Since launch last year, the NedbankMoney app has been downloaded more than a million times.
Other features coming to the app in the next months include tailored loan offers and a live chat feature, which will allow users to communicate directly and immediately with Nedbank.
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