Mastercard has partnered with South African Bidvest Bank to provide a solution that allows customers to send international remittances at their convenience. Titled Bidvest Bank BidSend, the new solution is powered by Mastercard cross border services, a real-time payment network that enables 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.
Through this innovative technology, Bidvest Bank is set to transform traditional remittance channels, allowing both account and non-account-bearing consumers, to send money across borders at an affordable price. Powered by Mastercard’s world-class technology, using BidSend, users can send international payments securely knowing that their funds will be safely received by their beneficiaries in near real-time, depending on the receiving country.
World Bank data shows that remittances in Sub-Saharan Africa are $54.44 billion, with research showing that around $95.6 billion flows into the continent annually. Nigeria, Ghana, Kenya, and Senegal receive the greatest remittance inflows, while South Africa is the largest sender of remittances to other countries in Africa.
This innovative remittance platform puts payments at the user’s fingertips by providing them with familiar and easily accessible payments technology within the application. An additional notable 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.
“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 allowing MasterCard to bring millions of people from underserved communities into the financial and digital economy,” says Gabriel Swanepoel, Country Manager at Mastercard, Southern Africa.
Mastercard is committed to harnessing technological advances to benefit Africa and realising the true potential of inclusive growth. Bidvest Bank BidSend, powered by Mastercard, meets the customer at the edge of their lives – on the mobile devices that they use to connect, share, and engage.
“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.
Mastercard is committed to providing an inclusive, digital economy that benefits everyone with transactions that are safe, simple, smart, and accessible.