Equity Bank is targeting to enlist at least 1 million merchants in the next three years through its EazzyPay service that allows customers to pay for goods and services using mobile money transfer services.
The EazzyPay service will allow the bank’s customers topay for goods and s ervices, using their Equitel mobile lines
A key advantage of EazzyPay is that it’s interoperable, meaning that you can pay for goods and services into the EazzyPay from any mobile money platform be it Mpesa or Airtel Money. Customers will pay for goods and services by sending cash to an assigned EazzyPay Till Number.
“Merchants will be charged an average of one per cent commission of the transaction services but for the customer, it will be totally free,” said James Mwangi.
The Bank confirmed that it is now recruiting kiosks, shops, supermarkets, airlines, petrol stations, hotels, canteens and schools at the rate of 1,000 merchants per day with the new service expected to allow for cash paid to reflect in their bank accounts in real time.
Merchants will also earn extra income in commissions from Cash Back services that are possible with EazzyPay as well as airtime sales for all telecom operators. The Cash Back service allows customers shopping to pay for goods as well as withdraw services.