Bank Direct is an electronic payment that provides a quick way to receive and send money into ones bank account, from one bank account to another or from a mobile money wallet. The service also enables consumers to instantly send and receive money into their bank accounts from any Visa cardholder.
The initiative is the result of local innovation and global capability with the international payments gateway giant, Visa lending its full support in collaboration with local banks in Ghana.
Speaking at the launch of the service, the General; Manager for Visa West Africa, Ade Ashaye revealed the development makes Ghana the first country in sub-Saharan Africa where instant money transfer service on the Visa platform has been introduced.
“Being the best way to pay and be paid by anyone anywhere and everywhere, that’s what we’re trying to achieve with partners like Express Pay – creating solutions like Bank Direct based on platforms like Visa Direct, that’s how we’re going to get there.
“So I’ll just like to congratulate Ghana, for making strides in electronic payments and congratulate Express Pay for being the first Visa certified technical partner in the whole sub-Saharan Africa. That is, the first technical partner to create a solution on visa direct and congratulations for the launch of Bank direct. This is going to be the first of many innovations you will see from Visa and our partners Express Pay and the banks in the industry” he noted.
Funds transferred via the Bank Direct service will be deposited directly into the recipients’ bank account and can be accessed through branded point-of-sale terminals, ATMs and e-commerce merchants as well as other banking channels such as online banking, mobile banking, agents and branches.
Speaking to JOY BUSINESS after the launch, the CEO of Express-Pay, Curtis Vanderpuije also explained the service is expected to significantly change the mobile payments landscape by uniting traditional banking with mobile finance to the benefit of consumers.
“This is a new product on the express pay platform that makes it very easy for consumers to move money from one bank account to any another bank account in Ghana or move money from a mobile money network to any bank account.
“We are pleased to be the first in sub-Saharan Africa to launch this product that allows instant transfers across bank accounts. Now with bank direct, if I’m waiting for the funds and I need the funds instantly, I can get it and I can then transact with the funds. This means we are going to see more transactions” he explained.
Kojo Hesse, Co-Founder, Expresspay, in demonstrating to the guest and media as to how Expresspay Bank Direct works, said: “Consumers sending money with bank direct should just log in with their Expresspay email and password, then select bank direct from the “send money” category.
“Enter the recipient’s phone number and click “pay” to send, the recipient instantly will receive an SMS notification of transfer.”
He explained that, in receiving money with bank direct, “just click in the SMS notification with details of the transfer.
“Click receive to claim funds and then enter your card number to receive funds instantly.
Expresspay is an eCommerce market place and a payment gateway provider that uses its platform to support mobile money payments and all major international card networks- Visa, MasterCard and also American express, which also meets all the international security standards with PCI DSS certified.
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