Instant Money Bulk Payments - Frequently asked questions
Do you have any questions regarding Instant Money Bulk Payments and how it works? Read our FAQs to get the answers you’re looking for.
1. What is Instant Money Bulk Payments?
Instant Money Bulk Payments is a business solution that allows you to pay multiple recipients through their cellphone number, without them needing to have a bank account. This solution gives you access to multiple features including:
a) Add multiple users with different user rights
b) Make payments by uploading a spreadsheet
c) Set your own monthly and daily limits
d) View system-generated reports on user activity and transactional activity
e) No need to carry cash
f) No registration costs
2. What do I need to use Instant Money Bulk Payments?
To use this solution, you need a Standard Bank transactional account from which you will be making your payments.
3. How do I sign up for Instant Money Bulk Payments?
Click here to visit our Instant Money page.
Click on “How To Get It” and download the digital application form which can be emailed directly to us by clicking on “email it to us now”
OR
Email [email protected]
OR
Speak to your Relationship Manager
4. How much does it cost to use Instant Money Bulk Payments?
The standard fee is R9.95 per send transaction.
5. What are the limits?
You can send up to R5 000 per day and R25 000 per month, per cellphone number.
6. What do I do if my recipient hasn’t received their voucher?
Should your recipient not receive their voucher due to not having cellphone network, you are able to resend the voucher from your profile at no extra cost.
7. What do I do if my recipient has lost their PIN?
Should your recipient block, lose or delete their voucher redemption PIN, you can reset the PIN from your profile at no extra cost.
8. How do I view the transactional activity on my profile?
You can view the transactional activity from your Instant Money Bulk Payments profile under “Reports”.
9. Is Instant Money Bulk Payments linked to my bank account?
Your profile is linked to your bank account, which means you will be able to see all Instant Money Bulk Payments transactions on your bank account statement.
10. How do I change my limits and other details related to my profile?
To change any details relating to your account, email [email protected]
11. Where can my recipient withdraw/redeem Instant Money?
Your recipients can redeem Instant Money in their Instant Money Wallet available on *120*212#, or at Standard Bank ATMs, or at our participating retailers: SPAR, Pep, Shoprite, Usave, Checkers, Pick n Pay, Boxer, House and Home and OTT spaza shops.
12. How do I cancel a voucher?
Should you wish to cancel an Instant Money voucher, you can do so at no extra cost from your profile.
13. Does the voucher PIN expire?
The Instant Money voucher PIN does not expire.
14. What does a recipient need to receive Instant Money?
To receive Instant Money, your recipients only need a valid SA cellphone number.
15. Can foreign nationals receive Instant Money?
Anyone with a SA cellphone number can receive Instant Money, including foreign nationals.
16. How much does it cost for a recipient to redeem Instant Money?
Redeeming Instant Money is free.
17. Can my recipients keep their money in a wallet?
Recipients can keep their money in an Instant Money Wallet available on *120*212#.
This gives them access to the following features:
a) Sending money to a recipient who has registered for Instant Money Wallet: Free
b) Sending money to a recipient without an Instant Money Wallet: R7
c) Withdrawing cash: R7
d) Buying airtime, data, electricity: Free
e) No monthly fees, no registration fees
Help and support:
Dial 0860 446 639, then select Option 2 for merchant support
Alternatively, email [email protected]
Instant Money Bulk Payments
Instantly pay your workers, customers, and suppliers directly from your business account to their valid South African cellphone number using our Bulk Payments solution.