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CashSend will allow Absa customers to electronically transfer funds using an Absa ATM, self-service kiosk, mobile banking or internet banking, to a recipient who is then able to withdraw the funds without needing a card or bank account.
"We have equipped our first ATM screen - 'Insert Your Card' - with an icon, which reads 'CashSend Withdrawal'. All the recipient needs to do is press this icon which will automatically activate the ATM for a CashSend transaction," said Venete Klein, executive director of Absa Retail Bank.
An Absa customer, the sender, can transfer a maximum payment of R3 000 from an Absa ATM or kiosk and R1 000 rand from Absa Mobile and Internet Banking to a recipient.
The sender will need to enter the cellphone number of the recipient as well as select a six-digit access code. A system-generated 10-digit withdrawal number will then be automatically sent to the cellphone number provided. The system also generates a 10-digit number, which is provided to the sender for reference purposes.
Following this the sender will have to contact the recipient with the access code as well as the amount. The recipient can then easily withdraw the money by using the withdrawal number, access code and the specified amount.
Klein pointed out that the withdrawal amount must be requested in full, as CashSend does not allow partial withdrawals.
"Unclaimed funds are automatically returned to the sender's account after a period of 30 days," she said.
- I-Net Bridge
