News

South African bank launches ATM cash-sending service

August 20, 2010

Absa Bank cardholders can send funds across the country to friends and relatives, and they can withdraw the cash from the nearest Absa ATM.

Absa Bank, which is based in Johannesburg, South Africa, recently launched CashSend. The service enables bank customers to send money from their mobile phones or their online banking accounts. The person receiving the funds first must type into the ATM a 10-digit code, or a reference number, they receive from the sender via SMS-text messaging.

After doing this, the receiver types in a six-digit access code and the exact amount of cash he or she expects to receive. The sender provides the access code.

Absa does not charge a fee for the cash withdrawals, and the receiver does not have to be a bank customer. The receiver, however, must withdraw the funds from one of Absa’s 5,000 ATMs deployed nationwide.

“CashSend allows Absa customers to transfer cash from their own checking or savings account to anyone around the country,” said Absa officials.  Absa, which is part of Barclays Bank PLC, is one of South Africa’s largest retail banks with 800 branch locations, according to an August 2009 study by the FranklinCovey Center for Advanced Research in Salt Lake City.