Equity Bank has rolled out an enhanced centralized digital payment solution for merchants through One Equity Till Number.
The solution, a first in the Kenyan market, has an interoperability feature that enables merchants to receive payments from multiple payment channels or mobile wallets through a single till number. Merchants can receive payments from customers using Mpesa, Airtel Money, PesaLink, Equitel and Equity Mobile using One Equity Till Number without having to subscribe for multiple Paybill/ Till numbers for their businesses.
“The new till number platform will make it easy and convenient for merchants, both small and large business, to collect all their payments directly into their bank account without having to do several transfers from mobile wallets to bank account, since there is no limit to the amount of money a merchant can receive. Moreover, the merchant can access the money instantly at no charge. The centralised collection account will in turn improve their credit score thus enabling merchants to access higher credit facilities from the bank to enable them to expand their businesses,” the Bank said in a statement.
According to the lender, “the One Equity Till Number will support micro, small and medium enterprises around the country to conduct their business conveniently. Businesses will now be able to get the most out of their activities by devoting their time to their clients as the Equity solution simplifies their operational needs from a payment standpoint”.
Further, merchants/ businesses will enjoy great benefits from the service as it provides instant onboarding and ease of reconciliation. The service will offer freedom and convenience to customers who will now have a simple and instant payment solution irrespective of the mobile payment channel used. The service will also include QR code payments for customers wishing to scan-to-pay from their payment channels including Equity Mobile App, M-VISA, Masterpass QR and UnionPay.
Equity says its innovation and digitization strategy has seen its mobile and internet banking channels process 86.8% of all transactions as of Q3 2021. Currently, 98% of all its transactions take place outside the branch, solidifying the Group’s position as a digital financial service provider.
Last week, the Lender announced that it will shorten the time frame to settle PayPal withdrawals from three business days to 24 hours or one business day.