Equity has launched an enhanced centralized digital payment solution for traders through a single Equity Till Number. The solution, a first in the Kenyan market, enables merchants to receive payments from multiple payment channels or mobile wallets through a single till number.
Using the single Equity Bank Till Number, merchants can receive payments from customers using MPESA, Airtel Money, PesaLink, Equitel and Equity Mobile. They will be able to do this without having to subscribe for multiple Paybill/Till numbers for their businesses. 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. This is without a deposit limit. Additionally, businesspeople can access the money instantly at no charge. The centralized 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 One Equity Till Number will support MSMEs around the country to conveniently conduct their business. Businesses will also be able to maximize their activities by devoting their time to their clients as the Equity solution simplifies their operational needs from a payment standpoint. One Equity Till Number is simple and interoperable making it very inclusive and in tune with the needs of many businesses.
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. Currently, the Kenyan market is adapting to changes in the digital payments landscape as it moves to a cashless society. With the onset of the COVID-19 pandemic, Equity waived all mobile banking charges to encourage customers to embrace cashless payment solutions.