Standard Chartered has rolled out its mobile wallet service platform ‘Straight2Bank Wallet’ in collaboration with ETranzact, to expand its African coverage.
The new mobile payment service will allow various companies to make payments to both banked and unbanked individuals such as aid workers, trainers, policy holders, peasants and other beneficiaries, as reported by Finextra.
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Standard Chartered, which launched mobile payment services in Kenya in September 2013, has also added new feature mobile collections capabilities in the country.
The new capabilities will enable corporate clients to collect monthly contributions or fees from individual clients through Safaricom’s MPESA mobile service.
The bank believes that the end-to-end mobile transaction service will boost efficiency in working capital management as it considerably reduces operating expenses and risks associated with managing cash, and abridges the debt collection period for the bank’s corporate clients.
Standard Chartered transaction banking client access global head Gautam Jain was quoted by Finextra as saying: "Mobile phones are revolutionising financial services in Africa as the region is the second most connected with the fastest growth in mobile subscriptions in the world."
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By GlobalDataThe bank has plans to expand the Straight2Bank Wallet services to other countries across its footprint of Asia, Africa and the Middle East.
