Republic Bank’s cardless cash

REPUBLIC Bank customers can now look forward to a more convenient alternative to payment without a bank card, through its Cardless Cash feature now available on the Republic Mobile App, according to Denyse Ramnarine, manager of the Electronic Channels and Payments at the bank.

Speaking yesterday at the feature’s launch at the Ellerslie Plaza, Maraval branch of the bank, Ramnarine said the new feature is the first of its kind in TT and offers customers greater flexibility and up to $500 instant cash through the mobile application via cellphone. Not only does the app allow customers to access instant cash, it also allows them to transfer funds to another customer, either at home or abroad.

“It’s an integration that we’ve now built between one digital channel between the Republic Online and the Republic Mobile channels. It’s very easy: all you need to do is open the Republic Mobile App, you go to ‘transfers,’ you come to the ‘cardless cash’ option, and if I want to make a payment to myself, I click on the option type in the amount and get the confirmation screen. To access the funds, you get a special cash ID code...This allows you to access the funds from any ABM.”

The feature carries a service fee of $4, which is waived for the first three months and will only be deducted from the account after the transaction has been successfully completed. Customers are free to cancel transactions within 48 hours of making the request. Ramnarine also said the maximum amount of cash dispensed through the Cardless Cash feature will also be raised, depending on the feedback from public.

She assured that customers would be able to dispense cash multiple times during the day. She said Republic Bank has the ability to monitor the movement of cash from sender to receiver and provides the sender with both a cash code and transaction ID, which serves as a security measure against fraud.

Republic Bank executive director Derwin Howell said the new feature represents the latest approach to mobile and online banking by giving customers the freedom and security. The feature, he said, was part of Republic Bank’s commitment to provide the latest applications to its customers.