Cash Payout Service
How do I use the CashPayout and when should I use it?
Jude Atebe
Last Update 3 years ago
CashPayout is the way by which any person with a MOBitooT wallet can send money to anyone who doesn't use the MOBitooT app. The person who receives the CashPayout code can go to any MOBitooT user and collect Cash immediately by Redeeming the code.
If the person you want to send Money to has a MOBitooT wallet, then you should use the wallet-2-wallet transfer which is under the Money Transfer section. There is a transaction fee of N50 when you use wallet-2-wallet transfer but we will be removing this transaction fee in the next update of MOBitooT.
Example of CashPayout Transaction:
Mr. A goes to a MOBitooT User B in Lagos and wants to send N1,000 to a family member, C, in Kano. User B will be paid N1,100 by Mr. A. User B will now use CashPayout and Click on "Generate CashPayout Code" of N1,000. When he/she generates the code, N1,075 will be deducted from the wallet of User B who must Copy out the code and give to Mr. A.
Mr. A will then send the code to family member C either by sms or what ever method they want. The additional N75 is the fixed Transaction fee for CashPayout.
Family Member C, upon receiving the code, must find any MOBitooT agent, D or user nearest to him/her in Kano and present the code in exchange for the N1,000 cash. Agent D must then open cash payout in their MOBitooT app and Select "Redeem CashPayout Code". He enters the code and confirms the transaction and N1,050 will be credited to the wallet of Agent D while he/she pays out N1,000 to Family member C.
All this must happen within 24hours else, the N1,075 will be reversed back to the wallet MOBitooT wallet of Mr. B in Lagos.
Benefits:
User B earns N25.00 (N1,100 - N1,075). User D earns N50.00 (N1050 is credited to the wallet of D when the code is redeemd). This also helps Mr. D to fund his wallet without going to the bank by simply redeeming CashPayout Codes.
Is it Secure?
Yes it is. Because user B must enter the Receivers name and phone number, Agent D will see the name and phone number of C and can request ID and phone number to confirm that C is the genuine beneficiary of the money.