back Back

Bidvest Bank & Mastercard to offer international remittance service for South Africans

By Delisha Fernandes

December 26, 2023

  • account holders
  • Bidvest Bank
  • FinTech Africa
Share

Mastercard, One GlobalMastercard has partnered with Bidvest Bank to launch Bidvest Bank BidSend, a solution enabling customers to send international remittances conveniently.

This real-time payment network, powered by Mastercard cross-border services, allows users to send money to 103 countries, and allows senders to select their beneficiary’s preferred choice of pay-outs as cash, onto a mobile wallet or as bank account payments.

“Providing innovative solutions that deliver the choice, security, and flexibility that South Africans need and expect is a factor win we take pride in. MasterCard is delighted to collaborate with Bidvest Bank to make this level of payment ingenuity a reality for Bidvest Bank -customers giving MasterCard an opportunity to bring millions of people from underserved communities into the financial and digital economy,” said Gabriel Swanepoel, Country Manager at Mastercard, Southern Africa.

This remittance platform puts payments at the user’s fingertips by providing them with familiar and easily accessible payments technology within the application. An additional feature is that users can also settle their payment transactions using either a debit or credit card at any time, offering a large network of pay-out options that make it easy for users to access, manage and control.

The fees associated with the new solution are lower than traditional international payments, making it more affordable and accessible for customers. It also offers more options when it comes to managing international payments and accounts and really aligns with how the payments landscape is evolving to meet customer demands.

“For Bidvest Bank and Mastercard to be enabled through WhatsApp as a transactional channel, is a first for Africa. It leverages the latest technology to create an affordable and accessible solution that is cost-effective and efficient. By digitising money remittance on the WhatsApp platform, we are changing the payments narrative in the country, and we are ensuring it is inclusive by allowing anyone to use the solution and not just Bidvest Bank account holders,” commented Tendani Sikhwivhilu, Chief Financial Officer at Bidvest Bank.

Previous Article

December 26, 2023

EnKash receives Payment Aggregator License from RBI

Read More
Next Article

December 26, 2023

Digital ID firm Yoti secures £12.5m debt funding from HSBC

Read More








IBSi Daily News Analysis

Fraud

February 23, 2024

account holders

Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 23, 2024

Intellect unveils ‘First Principles’ technology suite, eMACH.ai, for bankers in the Middle East and Africa

Read More

February 23, 2024

Crédit Agricole du Maroc tap Entrust to boost digital payment offerings

Read More

February 23, 2024

Ebury and Nium team to offer cross-border payments in Brazil

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023