CashSend reaches R200m mark
CashSend, a money transfer system from Absa, is expected to have sent R200m by end of April 2010 with 33 500 transactions occurring in March 2010 alone. The transfer system allows Absa customers to send money to anyone in South Africa with a cellphone number, regardless of which mobile network or which bank they use.
"It has already established itself as a popular and frequently-used method for sending money from urban to rural areas," says Absa Retail Bank chief executive Gavin Opperman.
Sending money is not dependent on office hours because it works directly from a sender's bank account, eliminating the need to first withdraw money, buy a voucher, make a deposit at an agent or load the value into a separate wallet.
Security is paramount the transactions use three factors to ensure the mitigation of fraudulent activities: a PIN that the sender selects, the rand amount and a system-generated 10-digit access code. A combination of all three needs to be present in order for the recipient to withdraw the cash from an Absa ATM, without the need for a card.
"While some in the industry are still in the early stages of developing workable models and piloting new technologies to make the transfer of funds more convenient, Absa is well ahead of the pack and already producing solid results in this space," concludes Opperman.
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