Republic launches mobile wallet-social media hybrid Endcash

File photo: Republic Bank Limited's Executive Director, Derwin Howell.

Photo by Angelo Marcelle
File photo: Republic Bank Limited's Executive Director, Derwin Howell. Photo by Angelo Marcelle

Republic Bank on Thursday announced the launch of Endcash, a new digital payment and social hub that it says transforms your smartphone into a highly secure money management tool.

The mobile wallet is similar to apps like Apple Wallet and Venmo.

The product is geared towards both individuals and businesses and is accessed through a mobile app. Payments can be between individuals; from individuals to businesses and between businesses. The system uses state-of-the-art encryption and multiple layers of security to ensure the protection of users’ information and transaction details, the bank said in a statement.

Republic Bank executive director Derwin Howell described the app as a gamechanger for the local financial landscape.

“The local payment infrastructure needs to evolve. Going cashless brings significant benefits to users, like speed, security and convenience. If there is one thing the past year has reinforced for us, it’s that cashless and contactless solutions can improve many aspects of our lives,” he said in the statement,

Endcash users will be able to experience touch-free shopping, as payments can be made remotely or in-store by scanning a QR Code.

Among other features, they can also send, request and receive funds seamlessly using the secure transfer feature while also messaging with friends and family.

Anyone with a smartphone, even if you don’t have a bank account, can download the user app from the App Store or the Google Play Store. Your digital wallet can then be loaded using a Visa or MasterCard card issued by any local bank or by receiving funds from someone else’s Endcash wallet.

Endcash provides businesses with a modern cashless and contactless means of accepting payments with the added benefit of a social media connection to their customers.

Merchants will also be able to pay other businesses who are Endcash merchants, for their products and services via the business to business (B2B) feature. The settlement functionality allows merchants to move their Endcash funds to their bank account at their convenience.

The list of merchants who have already signed up is said to be growing daily and currently includes: 2001 Carpet House, Adams Bagels, Bottles & Bites Restaurant, Chef Finbar, Dolce Desserts, Funky Fish, Glorious Bodies, Glorious Minds Day Spa, JCB Apparel, Liurisa Investments Ltd/Perry Ellis Store, Nexx Generation Unisex Beauty Salon, Sacha Cosmetics, Sanrio Surprises/Hello Kitty Store and Shal's Little Pet World & Variety Store.

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