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Absa CashSend transactions pass R500m
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PDF Absa has announced that customer transactions for its cardless ATM offering, CashSend, have exceeded half a billion Rand.
Introduced in late 2008, CashSend enables Absa individual customers – who do not have bank accounts - to send money from the cellphone banking platform, any ATM and from Internet banking channels to anyone in the country, both banked and unbanked.
Absa says transactions have surged to approximately 100 000 each month.
Though the service was initially aimed at entry-level banking customers, the bank says CashSend is evolving into a holistic payment solution catering for ever more sophisticated needs. In this regard, Absa has now also introduced CashSend Plus which is aimed at the business sector.
“We have enhanced CashSend for uptake in the business market. Cash Send Plus will enable small businesses and corporate clients to make bulk payments to many recipients, such as payments to casual or temporary workers,” says Absa Retail Bank chief executive Gavin Opperman.
Opperman believes there are clear benefits for both the business and the customer using CashSend Plus. The employer does not need to keep large sums of cash on business premises and beneficiaries can withdraw the cash when it is required.
“We are proud to demonstrate our market leadership with our CashSend innovation,” says Opperman, adding that over the past two and a half years the service has been hugely popular for urban-to-rural money transfers.
The bank has also found that some of the most-used ATMs for withdrawing CashSend funds are located at universities and technikons. This indicates parent-to-student transfers are also very popular.
Opperman notes that about 42% of CashSend money is sent via ATMs, 23% from Internet Banking and 36% using Cellphone Banking. Importantly, money can be sent and received at any time of the day and night – so transactions are not limited to a bank branch’s opening hours.
Opperman says creating a successful banking model in the South African context includes taking banking to the people. Realising the need for a local money transfer solution in South Africa, Absa designed CashSend with the help of ACI Worldwide.
“Financial inclusion and banking the unbanked remains an important focus area for Absa. With CashSend, we have been able to bring banking to the people and now with CashSend Plus we will also provide convenience to our business banking customers. We will continue to innovate and find solutions for an ever-changing banking market in which customer preferences dictate the rules,” Opperman concludes.
