National Commercial Bank (NCB) has launched a mobile money solution, NCB Quisk, that allows customers to pay for goods and services and send money using their cellphones.

NCB Quisk is a joint venture between the financial institution and United States-based technology company, Quisk Incorporated, and forms part of a suite of digital initiatives the bank plans to roll out, which is expected to cost the financial institution roughly $500 million. NCB reckons that the mobile money solution will improve the customer experience while positively impacting internal operations.

According to a recent release by the bank, Quisk is a secure, mobile money account that will enable people to send and receive money and pay via text messaging, using no smartphone, Internet access or downloading of applications.

The system is secured with a six-digit PIN that must be entered to access personal accounts.

“Our aim is to improve the way in which our customers and all Jamaicans can avail payment options in a simple, secure and convenient manner. Our market demands this and the future of the Jamaican payment landscape requires this improvement.” Senior General Manager of Treasury and Correspondent Banking and Payment Services, Septimus ‘Bob’ Blake, said.

Customers looking to sign up for the mobile money option don’t need to have an account with NCB. Once a customer opts to use Quisk, they can sign up online or at any NCB branch using their mobile number, TRN and a photo ID.

Each customer will be given a temporary registration code and top up of the accounts can be done at various NCB locations, according to the bank. The financial institution is also working to have its ABMs execute top up transactions for NCB Quisk.

Merchants currently accepting NCB Quisk include MegaMart, as well as select Fontana and Island Grill locations. The inclusion of additional merchants will be an ongoing exercise as NCB builds out this convenience for customers and users.

“At the checkout counter, the Quisk merchant will enter the transaction type and amount into their NCB Point of Sale machine. You will be prompted to enter your phone number and PIN. Review the text message which will be sent to your phone. Collect your receipt confirming the transaction,” NCB stated on its website.

Quisk also allows customers to check their balances and to send and receive money using specific codes.

Blake further highlighted that merchants can expect reduced costs associated with transporting and securing cash, as a significant benefit of using NCB Quisk. It will also represent a more affordable payment method for low value transactions which are usually not accommodated by debit and credit cards, the general manager said.

“Customers can sign up by visiting the online portal to register and presenting their TRN and Photo ID at designated NCB branches,” Blake said adding that NCB also makes it possible for people without a bank account to access the benefits of the product.

“Quisk is NCB’s direct response to what customers expect and demand for more personalised service models in banking. Banks today need a better mix of high-tech and high-touch interactions to be able to satisfy customers,” Blake added.

The Quisk daily transaction limit is $15,000. However, customers may increase their daily transaction limit to a maximum of $150,000 by providing a verified source of funds documents such as payslips or remittances.