Equity has launched a centralized digital payment solution that is more convenient for merchants via One Equity Till Number. This is a first in Kenyan markets. It has an interoperability feature which allows merchants to receive payments via multiple payment channels or mobile wallets using a single till number. Merchants can accept payments from customers using Mpesa Money, Airtel Money and PesaLink. They do not need to subscribe to multiple Paybill/ Till numbers.
Merchants of all sizes, small and large, can use the One Equity Till Number platform to quickly and easily collect their payments into their bank accounts. There are no limits on how much money they can receive. The merchant has instant access to the money at no cost. Merchants can access the money instantly through the centralized collection account, which will improve their credit score and allow them to get higher credit lines from the bank. This will enable them to expand their business.
One Equity Till Number supports small and medium businesses in all parts of the country. The Equity solution will allow businesses to make the most of their business by allowing them to spend their time with clients. One Equity Till Number is easy to use and interoperable, making it adaptable and flexible enough for many businesses.
Merchants/businesses will also benefit from the service, which provides easy reconciliation and instant onboarding. Customers will have an easy and convenient way to pay, regardless of their mobile payment method. Customers who wish to use QR codes to pay from their mobile payment channels, including Equity Mobile App and M-VISA, Masterpass QR and UnionPay, will be able to use the service.
The Kenyan market is currently adapting to digital payments changes as it moves towards a cashless society. Equity removed all mobile banking fees to encourage customers to adopt cashless payment options after the COVID-19 pandemic.
Equity’s innovation and digitization strategy continues to progress. As of Q3 2021, 86.8% transactions were processed through its mobile and internet banking channels. 98% of its transactions are currently outside the branch. This solidifies the Group’s position in digital financial services.