Pay2ID.
Instant payments 24*7*365 to anyone with a South African ID number and a cellphone number.
Pay2ID was developed by Payz in conjunction with TymeBank and enables business clients to make bulk and individual payments to verified individuals via the easy-to-use Payz Payments Gateway.
Recipients are biometrically verified for the first payment providing recipient identity certainty, and ongoing payments can be easily and safely made.
Use Cases for Pay2ID.
Any business that has a need to make low-cost, instant payments to beneficiaries, where recipient identity certainty is a requirement.
Examples of beneficiaries include employees, contract / seasonal / piece workers, and dividend / insurance / grant / gaming beneficiaries.
Pay2ID has many applications and when integrated into the operations of a business provides significant process efficiencies.
How Pay2ID works.
The payer integrates their accounting system via API or uploads a CSV file of payments to be made to the Payz Payments Gateway.
Data required is a valid ID number, cellphone number, payment amount and payment date
The payer pre-funds the Payz TymeBank Pay2ID control account with the total amount to be disbursed.
Invalid ID numbers and cellphone numbers are immediately flagged for checking and resubmission.
The Pay2ID transaction triggers an immediate SMS to the beneficiary.
Beneficiaries who do not have a TymeBank account are advised that a payment amount has been received from the payer and prompted to follow the steps to open a TymeBank account.
The process takes less than 5 minutes and no physical supporting documents are required for FICA purposes.
Digital, FICA compliant KYC procedures using biometrics are performed for all new TymeBank accounts opened.
Beneficiaries who have TymeBank accounts are advised that a payment amount has been made by the payer.
The payer can access reports showing beneficiaries who have not claimed their payments. Pay2ID payments not claimed within 7 days are returned to the payer.
Benefits to Payee.
Instant receipt of payment into a low-cost, easy-to-use, and functionally rich TymeBank account.
No monthly account fees and most transactions are free including Debit Cards, EFT’s to other banks, cash withdrawals and deposits at PnP and Boxer stores.
+5 Million people have opened TymeBank accounts in 3 years demonstrating that it is the best digital and value for money bank account in the market.
The account is opened on the TymeBank website, by downloading the App, or at a TymeBank kiosk located in PnP’s, Boxers & TFG (Foschini Group stores such as JET)