Equity has introduced a new product they are calling One Till Number. The product, a first in the Kenyan market, has an interoperability feature that enables merchants to receive payments from multiple payment channels or mobile wallets through a single till number.
Merchants can receive payments from customers using Mpesa, Airtel Money, PesaLink, Equitel and Equity Mobile using the One Equity Till Number without having to subscribe for multiple Paybill/ Till numbers for their businesses.
What this means is that merchants will now be able to collect all their payments directly into their bank account without having to do several transfers from mobile wallets to bank account. There is no limit to the amount of money a merchant can receive. Moreover, Equity says merchants can access the money instantly at no charge.
The banks adds that merchants will enjoy great benefits from the service as it provides instant onboarding and ease of reconciliation.
The One Equity Till Number will support micro, small and medium enterprises around the country to conduct their business conveniently. Businesses will now be able to get the most out of their activities by devoting their time to their clients as the Equity solution simplifies their operational needs from a payment standpoint.
‘’The service will offer freedom and convenience to customers who will now have a simple and instant payment solution irrespective of the mobile payment channel used,‘’ it says in a statement.
The service will also include QR code payments for customers wishing to scan-to-pay from their payment channels including Equity Mobile App, M-VISA, Masterpass QR and UnionPay.
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