Vericash Launches New Family Payment Features on Its Platform

Children can use the same application to send and pay from parents’ designated digital accounts!

Toronto, Cairo, January 2020

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VERICASH has recently launched an innovative new function, by many considered a crucial one, its Family Payments Tool! This is a feature recently launched on the Vericash Digital Financial Platform that will be available to all its customers across the Middle East & African region.

new family payment features
new family payment features

This feature will allow parent customers, for example, are able to create direct sub-accounts linked to theirs that would allow all family members, such as a spouse or their children, through these sub-accounts, to conduct digital payments rather than using cash at any number of retail stores within the different communities they interact with. The main account holder would be able to have full control over the permissions, amounts, and limits to be spent and paid per transaction or within a specified timeframe. This is just one example, which considering these challenging times we live in, this could prove to be extremely useful and come in handy to limit direct human interactions and the handling of cash amongst family members and cover all basic routine transactions remotely and digitally.
The main account owner can easily add family members to their digital account (whether under a mobile banking app or a mobile money wallet app) to allow each of them to download the app and enroll under their main parent account. Once enrolled, their children (or other direct family members) can view their allowance limits on the app and can make payment transactions that are approved by parents. Amongst other many tools that are provided for parents, or the main account holder, to monitor and control family payments like:
features would be expected to roll out in the coming months in addition to those currently live.

CIT VERICASH is a division of CIT GLOBAL, an international leading provider of innovative eCommerce and mCommerce software solutions and services with solid expertise spanning 25 years, since its establishment in Toronto, Canada in 1993. The company has delivered innovative and award-winning solutions to its clients in more than 48 countries, serving leading brands from North America, Europe, Asia Pacific, the Middle East, and Africa. VERICASH is One Platform to Drive Digital Transformation and Financial Inclusion in Emerging Markets. Our Innovative Software Technology, Supported By Our Connected Network Of Leading Market Stakeholders, Empower A New Collaborative Ecosystem For The Delivery Of Digital Financial Services To All Customers.

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