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 or cheque, 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 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 R20.00 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. Can my recipients keep their money in a wallet?
Recipients can keep their money in an Instant Money™ Wallet available on *120*212# or
Instant Money Wallet App available on iOS, Android and Huawei.
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:
Values of R50 to R499 – R10
Values of R500 to R999 – R20
Values of R1 000 to R5 000 – R30
c. Withdrawing cash:
Values of R50 to R499 – R10
Values of R500 to R999 – R20
Values of R1 000 to R5 000 – R30
d. Buying airtime, data, electricity: R1.00
e. No monthly fees, no registration fees.
f. Send money from your Instant Money Wallet app to any Standard Bank account in near
real-time at a cost of R2.00.
g. Top up your Instant Money Wallet with any South African cheque or credit card
Help and support:
For any queries, help or support you can dial 0860 446 639, then select merchant support
or
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.