BankWorld Instant Cash Transfer is a form of electronic cheque that allows banks to offer convenient money transfer services to their customers. They are easy to use, password protected and the transfer is instantaneous.
BankWorld Instant Cash Transfers can be utilised at the ATM, mobile or internet channels as well as through third party merchant outlets and can be redeemed at ATMs or through the merchant via a PIN code. Bank cards are not needed.
Instant Cash Transfer utilises BankWorld's multi-channel, self-service banking approach. A user can, for example, purchase an Instant Cash Transfer through the internet channel and send it to a friend. The friend would then receive an SMS with a password which they could use at an ATM to withdraw the money.
Instant Cash Transfers enable banks to cut down on costs by providing electronic cheque services at self-service channels while also increasing revenues through fee generation as well as acquiring new customers. Instant Cash Transfer recipients don't have to be customers of the same bank as the sender and don't necessarily even have to have a bank account.
BankWorld Instant Cash Transfer provides the following benefits:
- Instant Cash Transfers can be cashed at the ATM, thus reducing the queues in the bank's branches
- Banks processing costs are less as processes are automated
- Fee generation can vary for purchase, redemption and channel used
- No registration process for the purchaser, which means no waiting in line to fill out forms or see a teller
- The recipient can be a not-on-us customer
- Money Vouchers cannot bounce
- Funds can be withdrawn in staggered amounts
- High level of security: Instant Cash Transfers are password and ID protected
- Instant Cash Transfer expiry terms can be set by the bank