Do you even know how Absa Cash send out work? Find out now
Banking and all the concepts revolving around the banking industry has been in existence for many centuries. Changes in the needs of humans have also led to various evolutionary changes in the banking system. And in recent times where technology seems to be taking the world by storm, there has also been a series of technological transformations in the financial service industries.
Without an attempt to give you more words to read about the series of transformational changes that have happened in recent years, it is obvious that you have the first-hand experience about such changes.
For many decades, an industry which was once seen to be an unbendable industry is turning out to be an industry that is prone to developmental changes. This has caused many banks to work tooth and nail to ensure that they aren’t swept away by the furious wind of evolutionary changes that are constantly raging the industry.
As intriguing as the issues revolving around the banking industry could be, you may be forced to ask “with the way technology is changing our banking methods, where exactly is this digital transformation leading us?” A good and timely question you have here. But before I unfold the destination of this transformational train moving the banking industry, it will be wise that we have a retrospective look at where the industry came from as well as the need for the movement.
A Brief History of Banking
Banking is traced to as far back as 2000BC in early India, Sumeria, and Assyria where model banks were operated by merchants from different parts of the world. These merchants were known to give grain loans to farmers and traders who went from one city to the other with their goods.
Later, in ancient Greece during the era of the Roman Empire, money lenders who were based in temples gave out loans, accepted the deposit of money and also carried out the change of money.
The medieval and renaissance era is attributed by history to be the major time in which historical development of the formal banking system began. This took place majorly in Italy and other affluent cities such as Venice, Genoa, and Florence. At this time, the most famous bank known in Italy was the Medici bank, which was established in 1397 by Giovanni Medici. Besides Medici bank, Banca Monte dei Paschi di Siena is known to be the oldest bank which is still in existence and has long been in operation since 1472.
As time went on, the development of the banking system continued, and this led to the spread of banks from Northern Italy to the Holy Roman Empire and down to Northern Europe in the 15th and 16th Centuries. Later in the 20th century, major innovative inventions, especially in computing and telecommunication, led to major changes in the operation of banks. This also led to a rapid increase in the numbers of banking institution as well as a widespread geographically.
Banking After the “Stone-age”
A lot has changed!
With so many scenes that went on during the era where banking involved long queues of customers with voluminous withdrawal booklets, the entrance of sophisticated telecommunication systems into the banking industry brought a major facelift to the system. Typical of such improvements is the introduction of credit and debit cards which came as a major threat to withdrawal booklets and almost making cheque booklets irrelevant.
General purpose credit and debit cards came on stage when credit-issuing banks came together to create an interbank association, and this gave birth to Visa and MasterCard debit cards.
As though that wasn’t enough, electronic fund transfer, as well as internet banking, were also introduced and people who had the guts to give it a try enjoyed the benefits and convenience that came with it. And for many who were skeptic about the security features of the online stuff, within the shortest time when the use of electronic cards became almost compulsory, they had no choice than run after the already moving train.
While the revolutionary trend in the banking industry continues, many banks continue to spring up just like others that can’t meet up with the demands of the day go into extinction. Also, different categories of banks offering various levels of financial functions also get established to meet the need of the growing population globally. The common ones among these banks include the Commercial banks, Microfinance banks, Exchange banks, Agricultural or Cooperative banks, amongst others, which I believe you know very well.
Just as many of these banks are designed majorly to carter for the needs of customers who have a registered bank account with them, others on the other hand have seen the need to reach out to other individuals who can’t keep up with what it takes to own a bank account yet they have needs for money. Could such an inability to own a bank account make these people written off completely? You possibly might not have a precise answer to this question, but banks such as ABSA bank have weighed what is involved in handling the financial needs of such people. With this, ABSA bank has stood firm to intermediate as a secure and reliable means of getting money across to people without a regular bank account. A great step, you may exclaim. Let’s know a bit about ABSA bank.
ABSA Bank: An Overview
Absa bank, which is also known as Barclays Bank Plc, is a South African based financial services provider that offers various financial services as found in conventional commercials banks. Such services offered by Absa bank include business and personal banking, wealth and investment banking, corporate and investment banking, bancassurance (a relationship that exist between an insurance company and a bank aimed at offering insurance benefits and other insurance products to the bank’s customers), and even the issuance of credit cards to its growing customer population.
Absa bank which has its registered head office in Johannesburg, South Africa is a major stakeholder in other banks in most African countries such as Ghana, Mauritius, Botswana, Mozambique, South Africa, Uganda, Tanzania, Zambia, Nigeria, and even Namibia. Absa bancassurance services cut across most African countries like South Africa, Botswana, Mozambique, and Zambia, and most of these banks, typically Barclays Bank Botswana and Barclays Bank Kenya, continue to be enlisted on their respective stock exchanges.
Financial Transaction with Absa Bank
As a financial institution with high-tech capability to handle various forms of financial transaction, Absa bank has a secured financial transaction platform that gives customers and users a smooth and seamless way of making fund transfer and withdrawal. As it may interest you to know, Absa bank doesn’t require you to own an account with them before you can send money to people. Also, one outstanding and striking features of Absa cash transfer is the fact that you can send money to people without a bank account in any bank. Yes, you read it right; people without any bank account can receive money through Absa cash transfer. Again, during unforeseen situations such as a misplaced debit card or peradventure, you find yourself without your debit card, and you are in dire need of money, you can quickly transfer money to yourself, and with any Absa ATM around you, cashing out your money is not a task.
Sending Money Using Absa Bank
Being a financial institution whose core mission is giving people easy and quick access to money without going through the hassles of carrying money around or leaving their homes to perform some cash transaction in the bank, Absa cash send is one way in which Absa bank has remained faithful to their mission. Sending money with Absa cash send is very easy. It is as easy as sitting on your couch with a glass of your favorite beverage and filling out a few web pages, and within a twinkle of an eye, you are done with the cash transfer.
I’m sure you are skeptic about how simple this could be, especially when money is involved. These simple steps below are all you need to get that money across to those you wish to pay.
Sending Cash Online with Your PC
- Log in to Absa Online and select ‘Payments.’
- Select ‘Pay’ and ‘CashSend Payment’
- Select the account you want to withdraw from (that is your original commercial bank’s account), the amount you wish to send and the recipient’s cell phone number.
- Create a 6-digit access code, which you have to give to the recipient.
- Confirm the payment, and that’s all.
Sending Cash with Your Cellphone
- Log in to Absa Online on your cell phone and select ‘CashSend.’
- Select ‘CashSend Payment’ from the next page that opens.
- Log off and wait for some seconds for a secure URL to be sent to you by SMS
- Click on the link sent to you to open the home page
- On the home page, enter the amount you want to transfer
- Enter the recipient’s cellphone number
- Create a 6-digit code, which you must send to the recipient
- Confirm the payment
However, when sending money either with your PC or your mobile device, you should ensure that your account balance in your main commercial bank account where withdrawal will be made from must have sufficient funds for both the amount you are sending and the token charges you will pay for such a convenient means of transferring money.
Receiving Money from Absa Cash Send
Just like the process involved in sending money using Absa bank online platform takes only, but a snap of a finger, receiving payment by a sender is also as easy as locating an Absa ATM to withdraw your cash.
“But I don’t have an ATM or the Absa bank debit card. So, how do I withdraw my money” This must have flashed through your mind, right? It is pretty simple; no paperwork nor a debit card is required to get your money. Withdrawing money from Absa ATM is absolutely a card-less transaction. Just follow these simple steps to get your money.
Withdraw from Absa ATM
- Visit an Absa ATMthat offers the CashSend facility
- Select ‘CashSend’
- Select ‘CashSend Withdrawal’
- Enter the 10-digit reference number that has been sent to your cell phone from the sender
- Enter the 6-digit access code, together with the exact amount that has been sent
- Once the transaction has been verified, the money will be issued to you
- Only the full amount can be withdrawn.
See, with just a few and simple steps, sending and receiving money using the Absa bank CashSend feature does not require any special skill to do. At most, all you need is a little bit of carefulness with the digits of the reference number as well the 6—digits access code that was generated during the transaction process, and you’ll have nothing to kill yourself about receiving money even without a commercial bank account number.
However, despite how easy and convenient it is to send and receive money using the Absa bank CashSend platform, there are still some commonly or frequently asked question by some unbelieving users. In case you have one yourself, read down, it is possible that your questions must have already been answered here.
Absa Cash Send Frequently Asked Questions
Q: Do I Need to open an account with Absa bank to access the CashSend feature?
A: No. You don’t need to have an account with Absa.
Q: What is the 10-digit Withdrawal Number?
A: This is a number generated by the Absa CashSend system which is delivered to the recipient’s cellphone through SMS by the Absa CashSend system.
Q: What is the 6-digit Access Code?
A: This is a number generated by the Absa CashSend system and is delivered to the recipient of the CashSend transaction. The recipient requires the Withdrawal Number, the Access Code, and the exact value of the CashSend amount, to withdraw cash their money an Absa ATM.
Q: What if the recipient has not received the CashSend Withdrawal Number?
A: You will need to contact the Absa customer support team, and provide the recipient cellphone number for the CashSend transaction. Absa transaction ID and date and time of the transaction will assist with identifying the correct transaction.
Q: How does the recipient receive the 6-digit Access Code?
A: The 6-digit Access Code is provided to the recipient at the end of the transaction, and is also delivered to the recipient cellphone via SMS.
Q: What if the recipient loses the Access Code?
A: The Access Code can be reprinted from a previous transaction by selecting the Reprint option in the Absa CashSend menu
Q: How long is the CashSend Withdrawal Number valid for?
A: The CashSend Withdrawal number must be used within 30 days from date of purchase, after which it will expire.
The banking industry has undergone major revolutionary changes. This is visible in the ease of sending and receiving money, especially with the Absa CashSend feature. It takes little or nothing to enjoy this seamless method of banking, especially as you can put a smile on the faces of those who can’t afford to manage a bank account.