The One Equity Till Number is one of Equity’s fastest-growing digital channels according to the Group’s recently released third-quarter financial results.
The value of transactions made on the platform grew threefold (298%) from Kes 84.1 billion in Q3 2021 to Kes 334.6 billion in Q3 2022. During the same period, One Equity Till Number transactions grew by 379% from 15.8 million transactions in the first nine months of 2021 to 75.5 million transactions in 2022.
Equity bank notes that the popularity of this payment platform is particularly driven by interoperability.
Customers using M-Pesa, Airtel Money, Pesalink, their Bank Apps, Equitel, Equity Online or Equity Mobile can easily make payments straight to the One Equity Till Number. This also makes it easier for merchants to have organized displays as they do not need to put different signages for every mobile wallet operator.
Many business owners also value the controls that come with being able to see the movement of money into one’s Bank account. With the One Equity Till Number, when a customer has successfully paid, the merchant will receive a notification on their phone or any other number linked to the till.
The customer also receives a confirmation message and the money will hit the business account in real time which is critical in the day-to-day running of businesses.
The real-time settlements of transactions allow businesses to conveniently access funds anywhere anytime by the business owners through their digital banking platforms or physically if they visit an agent, a branch, or ATM or issue a cheque to make payments to their suppliers or service providers.
The till also comes with safety measures as customers cannot reverse or cancel a transaction once paid.
In the event of a customer transaction dispute or a transaction reversal that is required, the customer will be required to contact the business and the Bank to lodge a dispute. The Bank will immediately investigate the complaint for validation. A reversal can only be initiated by the Bank upon validation of the complaint.
Additionally, transactions on the platform are free of charge for both merchants and customers. Merchants are not charged any commissions for any amounts in their accounts through the payment platform.
One Equity Till Number provides an audit trail for all transactions making it easier to do reconciliations. It also eliminates the risks associated with handling cash such as security and hygiene concerns, especially during this era where handling cash is discouraged.
Equity is also providing pre-qualified loans, based on the merchant business volume. Business owners can see the prequalified loan amount to access instant loans on Equity’s digital channels.
