Need cash fast but forgot your wallet at home? A Cardless Cash facility launched yesterday by Republic Bank Limited (RBL) allows customers to get up to $500 daily at any Republic Bank Blue Machine.
General Manager of the bank’s Electronic Channels and Payment Division Denyse Ramnarine said the new facility is an extension of RepublicOnline and RepublicMobile App services, so customers already registered for these services can simply log on to use the feature.
Customers can simply log on and select the desired option—payment to self or a third party—via the transactions tab in the main menu of RepublicOnline, or via the transfer funds tab on the RepublicMobile App.
The transaction amount is then entered and in the case of third party transfers, the recipient’s name and mobile number.
Once the transaction is submitted, a transaction ID and cash code is sent via email and/or SMS, or to the third party recipient, via SMS. The recipient can then press any button on either side of the ABM screen and enter the requested codes to withdraw the cash.
The transaction ID and cash code must be used within 48 hours from the time it is initiated. The recipient, who doesn’t have to be a Republic Bank customer, can then visit any Republic Bank Blue Machine.
Ramnarine said the Cardless Cash feature allows fast and secure access to cash without the use of a card and is a convenient payment option for conducting low-value payments to any recipient with a mobile number.
A transaction fee of $4 is charged to the sender upon successful completion of the cash withdrawal. A fee of approximately $0.55 for each message sent and received is applied by the mobile service provider.
Ramnarine said as long as the sender is within his/her $500 daily limit, multiple transactions can be performed to the same or other recipients. Once the sender has access to RepublicOnline or th RepublicMobile App, the transaction can be initiated from anywhere around the globe. However, the recipient can only access the funds at a Blue Machines in T&T.
Ramnarine said over time the bank will examine the feasibility of increasing the $500 limit.
