Just days after starting offering one-day settlement for PayPal withdrawals, Equity has launched its One Till Number platform.
The Till Number platform offers retailers the freedom to accept payments from numerous payment channels or mobile wallets through the single till number in Kenya.
This newest offering by the bank is a first in the East African country’s marketplace which is well known for its early adoption of mobile money.
Due to the Till number’s ease of interoperability, it is now not necessary for businesses to sign up for numerous Paybill/Till numbers for them to accept payments from customers who pay using different numbers.
This latest product by the giant financial institution brings competition to Kenya’s established M-Pesa tills which have been adopted countrywide. Others that will feel the pinch include Airtel Money which is battling the giant telco in courts over its dominant position in the country.
Equity already has Equitel, Equity Mobile and now the One Equity Till number.
The One Equity Till number means that businesses will no longer have to make multiple transactions between their mobile wallets and bank account to get their payments. Another advantage is that there is no limit to the amount a merchant can receive.
In addition, the money can be accessed immediately by businesses at no cost, according to Equity.
The One Equity Till number offers rapid onboarding and easy reconciliation enabling merchants to reap the benefits of the service. This latest Equity solution streamlines business payment processes where businesses can now focus more of their efforts on serving their customers.
With the offering, it will now be easier for small and medium-sized businesses all around the country to do business using the One Equity Till Number. With this new payment method, clients will be able to pay with any mobile payment method they like, the company claims in a press release.
Other Equity payment solutions include scan-to-pay options which will also be available for clients who choose other methods using a mobile app or via a QR code.
On January 13, Equity made receiving payments via PayPal easier for Kenyans by receiving their money within 24 hours or one business day.
This followed a reduction in the time it took for PayPal withdrawals to be settled from three business days to just 24 hours or one business day.
Due to the lack of other financial institutions in the nation offering PayPal account withdrawal services, only Equity Bank allows PayPal account holders to receive their PayPal funds directly into their Equity Bank accounts in KES or USD.
Gerald Warui, Managing Director of Equity Bank Kenya, said, “The reduction in the settlement period is of considerable significance as the country advances towards increasing the acceptance of e-commerce. For many MSMEs, the implementation of Covid-19 has necessitated a digital operating model, including the use of cash-lite payment options like PayPal direct deposits into equity accounts. Businesses will be able to better manage their cash flow and grow faster thanks to the shortened settlement period.”
First-time PayPal customers who want to use the withdrawal service can join up on the Equity Bank website after they have successfully created and confirmed their PayPal accounts.
The service is expected to help freelancers, Kenyans with family overseas, persons in the creative business, and MSMEs active in cross-border trade, among other groups.
Customers will be able to access and manage their accounts more easily through platforms including *247#, Equity Mobile, Equity Online, and Equitel lines thanks to the reduction in PayPal’s settlement delay.