In 2018, Bank Al Maghrib put a legislative framework on the Wallet, or more commonly called a payment account. A new agile, innovative and constantly evolving means of payment.
We met Mr. Hazim Sebbata, Managing Director of Cash Plus to enlighten us.
What is the difference between a payment account and a bank account?
The payment account or the Wallet is backed by a telephone number. Money transfer transactions are instantaneous and take place between Wallets. Other services can be included, for example, the Cash Plus account has in addition, a RIB which allows its holders to receive transfers of salaries or social reimbursements for example.
The Wallet has regulatory ceilings, between 5,000 and 20,000 DH of balance ceiling depending on the proof of identity presented when opening the account.
Cash Plus accounts are accessible from any branch and also through the Cash Plus Mobile application, for money transfer operations, transfer to bank account, provision of Cash to a Cash Plus branch, payment of invoices, management of payment cards,….
People with a Cash Plus payment account can have access to rechargeable Mastercard payment cards. They can be supplied free of charge, in 2 clicks, through the mobile application or in a branch. Each user can have up to 5 cards that he can make available to members of his family, for example, that he will supply as needed or on demand. The amount available on each card is therefore controlled and secure.
In addition, the mobile application also offers payment for purchases by QR-Code, a novelty that is gaining more and more followers in Morocco. In the future, small purchases made at the local merchant can be paid by QR-Code, regardless of the amount and without circulation of currency.
Could we have a bank account and a payment account?
It is quite possible to have a payment account in addition to a bank account. The payment account would be used to manage the household budget and daily expenses for people already banked.
For unbanked people, the payment account would serve as the main account. In addition to being free, it would allow them to receive salaries, social assistance, reimbursements from the CNSS, etc.
How much does the Cash Plus wallet cost me in terms of fees?
The account is free for life. If, for example, a customer wishes to keep a specific amount in their account for 6 months, this amount will not be impacted. There is therefore no account maintenance fee. Only transfer operations are chargeable, at reduced rates compared to the agency. The Cash Plus card will cost 49 DH the first year and 29 DH the following years.
Now that you know all the advantages of a payment account, you want to open one at Cash Plus, go to the nearest branch or open your account directly from theapplication.