FNB eWallet leaps R1 billion markBy TINTSWALO BALOYI
JOHANNESBURG, (CAJ News) – FIRST National Bank (FNB) announced that money sent to recipients through its mobile money solution, eWallet, exceeded the R1 billion a month mark for the first time in July.
This is an increase of 66 percent from R650 000 000 sent in July 2014.
Officials said this proved that mobile money was now a real replacement for person to person cash payments.
“When South Africans need cash, now they ask for ‘eWallet’,” said Yolande Steyn Chief Executive Officer of eWallet Solutions at FNB.
“We find that our customers use the term “eWallet” generically to be paid via mobile money, so much so that reaching the R1bn mark did not come as a surprise to us.”
Urban centres tend to have a higher usage of eWallet and FNB found that aside from sending money home, other reasons to use the service include paying friends or sending money in an emergency. Some recipients also accept payments for goods or services via eWallet.
“The majority of eWallet sends are to family and friends, with many recipients receiving money twice a month, illustrating that receiving money on your phone is the new norm,” says Steyn. eWallet consumer service accounts for the majority of sends, 77 percent, while the bank’s business solution, eWallet Pro, which allows businesses to pay the unbanked through their cell number or a prepaid card, accountsfor the other 23 percent.
eWallet Pro is showing strong growth and is a popular payment solution in the construction, healthcare, insurance, education and agriculture industries.
Gauteng eWallet users send and receive the lion’s share of mobile money in the country with a 47 percent share, followed by Kwa-Zulu Natal at 15 percent and the Eastern Cape at 10 percent.
“The first R1bn took us two years to reach, and now people are sending R1bn a month. The numbers are big, but the primary focus for us is to really impact lives through the simplicity of eWallet,” concluded Steyn.
eWallet is FNB’s mobile money solution, allowing FNB customers to send money to anyone in South Africa with a cellphone. The recipient doesn’t need a bank account and can access funds easily from any FNB ATM or
Slimline ATM device.
– CAJ News
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