DTB launches PayEasy mobile cashless payment solution

DTB launches payeasy

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[/blockquote]The gradual move towards a cashless economy is gaining momentum as banks utilize the wide reach of mobile money platforms. Diamond Trust bank (DTB) Uganda’s biggest tax collecting bank has today launched PayEasy, a mobile phone payment collection system that enables customers to pay for goods directly from their mobile money account to the merchant’s bank account.

PayEasy which is a product of DTB will for the first time effectively introduce a secure and convenient cashless payment system which can be used in all categories of business and individual transactions.

With the introduction of this service, the bank is hoping to tap into mobile phone technology and innovation to reach the more than 19.5 million phone users in the country. Available data from the Uganda Communication Commission (UCC) shows that 52.3 % of Ugandans have access to mobile phone.

The service will be initially available on MTN Mobile money and Airtel money

“We want to use technology and innovation not only to enhance customer service and experience, but also to bridge the gap between the merchant mobile money and bank account to ensure that there is increased financial inclusion in the country.” said DTB Uganda Managing Director Varghese Thambi.

Statistics show that 62% of Uganda population has access to financial services but only 14% of the rural population has access. Merchant payment is projected to be the game changing service for the mobile money because it integrates mobile money and bank accounts into the everyday life of users.

“This is the first time that a hybrid payment collection platform that answers questions around financial inclusion has been introduced into the market which now opens ways to building a cashless ecosystem within the Community”

Following successful tests, PayEasy is already in use in some retail outlets which include; two outlets of first pharmacy, Six Eye care Centre Outlets, HBT Two Outlets, Super Medic One outlets, One Outlet of Kenjoy Supermarkets. The platform is also being used by standalone merchants who sell items as small in value as 500 UGX to items such as chapati, samosa, and tea & coffee.

“Our target is to recruit more retail outlets and convenient stores countrywide so that they can provide customers with an easier and secure way of paying for goods and services,” Said Thambi.

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