Equity Bank has rolled out one equity till number platform for integrated digital payments.
The newly introduced centralized digital payment solution seeks to enable businesses to receive payments from multiple payment channels including mobile wallets through a single till number.
In a statement Equity said, “The One Equity Till Number platform will make it easy and convenient for merchants, both small and large business, to collect all their payments directly into their bank account without having to do several transfers from mobile wallets to bank account, since there is no limit to the amount of money a merchant can receive.”
The lender added, “The centralised collection account will in turn improve their credit score thus enabling merchants to access higher credit facilities from the bank to enable them to expand their businesses.”
The solution comes amid the massive shift to digital payment brought about by the coronavirus pandemic which has seen 98 percent of the lenders transactions taking place outside the branch.
In the third quarter of 2021, Equity Bank processed 86.8 percent transactions of all its mobile and internet banking channels.
The service will also include QR code payments for customers wishing to scan-to-pay from their payment channels including Equity Mobile App, M-VISA, Masterpass QR and UnionPay.