The Paycode feature has been introduced to give customers the opportunity to withdraw cash from their wallet on an ATM or from an agent at any location nationwide without using a debit or credit card.
Customers can open a Stanbic IBTC @ease wallet using the last 10 digits of their phone number through the Unstructured Supplementary Service Data (USSD) application – *909#. The wallet can also be opened via the Stanbic IBTC @ease Mobile App, ATMs and agents at any location nationwide.
Stanbic IBTC Bank Plc is committed to providing seamless financial transactions to Nigerians, hence the addition of Paycode to the @ease wallet.
To generate a Paycode, customers can log in to the @ease wallet through the Mobile App or USSD – *909#; select ‘Withdraw Money’ and choose ‘ATM’ as the withdrawal channel; enter the amount to withdraw followed by a withdrawal 4-digit PIN to authorize the transaction. The customer’s @ease wallet will thereafter be debited with the specified amount and fees while an 8 to 12-digit Paycode will be sent via SMS.
To withdraw cash from an ATM using the Paycode, customers will press any of the side buttons on a Paycode-enabled ATM to initiate a cardless transaction. They will then select ‘paycode cashout’ or ‘Quickteller cashout’ and enter the generated 8 to 12-digit paycode. The next step is to enter the withdrawal amount for confirmation and the 4-digit PIN for authorization.
The amount that can be withdrawn using the Paycode must be in multiples of N1,000 and the maximum daily withdrawal amount is N20,000. A cash-out fee of N105 applies (VAT inclusive).
The paycode generated can be used at any partner bank ATM. A total of 12 banks’ ATM are currently paycode enabled. These include Stanbic IBTC, Sterling, Heritage, Fidelity, FCMB, UBA, Zenith, Wema, Union, Access, Unity and Keystone.