By Benjamin Omoike
Leading end-to-end financial solutions provider, Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has unveiled the addition of a new feature: ‘paycode’ to its @ease wallet.
The Paycode feature has been introduced to give customers the opportunity to withdraw cash from their wallet on an ATM or from an agent at any location nationwide without using a debit or credit card.
Customers can open a Stanbic IBTC @ease wallet using the last 10 digits of their phone number through the Unstructured Supplementary Service Data (USSD) application – *909#. The wallet can also be opened via the Stanbic IBTC @ease Mobile App, ATMs and agents at any location nationwide.
Stanbic IBTC Bank Plc is committed to providing seamless financial transactions to Nigerians, hence the addition of Paycode to the @ease wallet.
To generate a Paycode, customers can log in to the @ease wallet through the Mobile App or USSD – *909#; select ‘Withdraw Money’ and choose ‘ATM’ as the withdrawal channel; enter the amount to withdraw followed by a withdrawal 4-digit PIN to authorize the transaction. The customer’s @ease wallet will thereafter be debited with the specified amount and fees while an 8 to 12-digit Paycode will be sent via SMS.
To withdraw cash from an ATM using the Paycode, customers will press any of the side buttons on a Paycode-enabled ATM to initiate a cardless transaction. They will then select ‘paycode cashout’ or ‘Quickteller cashout’ and enter the generated 8 to 12-digit paycode. The next step is to enter the withdrawal amount for confirmation and the 4-digit PIN for authorisation.
The amount that can be withdrawn using the Paycode must be in multiples of N1,000 and the maximum daily withdrawal amount is N20,000. A cash-out fee of N105 applies (VAT inclusive).
The paycode generated can be used at any partner bank ATM. A total of 12 banks’ ATM are currently paycode enabled. These include Stanbic IBTC, Sterling, Heritage, Fidelity, FCMB, UBA, Zenith, Wema, Union, Access, Unity and Keystone.