http://www.gadget.co.za/pebble.asp?relid=2336
R1.5 m daily transactions via FNB eWallet
A year after First National Bank (FNB) launched its eWallet solution, with the objective of changing the way South Africans send and receive cash, more than 250 000 ‘eWallets’ have been created via cellphones, and close to R1, 5 million is sent daily by FNB customers to eWallets. And a few dozen companies are using the associated Pay Wallet product to pay salaries to employees.
In October 2009, First National Bank (FNB) launched its eWallet solution, with one main objective, to change the way South Africans send and receive cash. Seven months later the bank launched Pay Wallet as well, to change the way companies do cash payments.
A year later, more than 250 000 ‘eWallets’ have been created and close to R1, 5 million is sent daily by FNB customers to eWallets. Less than a year since its launch, 24 companies are using Pay Wallet to pay their employees.
“The need to make banking accessible and affordable to all South Africans meant that we had to change the way we view banking. This led us to develop an innovative technology driven banking solution allowing for instant access to financial services. eWallet has been a great success since its launch, not only because it is convenient, user friendly and accessible but it also provides for the banking needs of all South Africans,” says Michael Jordaan, CEO of FNB.
According to Arthur Goldstuck of World Wide Worx there are more than 48,465,000 cellphone subscriptions in South Africa. A cellphone is all that is needed to be able to send and receive cash with the eWallet from FNB, receive a salary with Pay Wallet or buy prepaid and on-send part of that cash to someone else, all without the need of a bank account or bank card.
“If you have forgotten your wallet or purse at home and don’t have lunch money, you can send yourself cash. Whether you need to send money home to Umlazi for uGogo, or whether you just want to have access to cash using your cellphone, you can do that without a need of a bank card,” says Yolande Van Wyk, CEO of FNB Smart Services. ‘Technology is truly a catalyst to evolve financial services.”
FNB is planning on doubling the use of its eWallet service and launching it in other African countries by June 2011. “At FNB we breathe innovation, and it is with innovation that we will make eWallet available not only to South Africa but to the rest of the continent. We are working on changing the way Africans see cash. We are part of the body of ambassadors who are designing African solutions for African challenges -- we are changing the game,” concludes Van Wyk.
A year later, more than 250 000 ‘eWallets’ have been created and close to R1, 5 million is sent daily by FNB customers to eWallets. Less than a year since its launch, 24 companies are using Pay Wallet to pay their employees.
“The need to make banking accessible and affordable to all South Africans meant that we had to change the way we view banking. This led us to develop an innovative technology driven banking solution allowing for instant access to financial services. eWallet has been a great success since its launch, not only because it is convenient, user friendly and accessible but it also provides for the banking needs of all South Africans,” says Michael Jordaan, CEO of FNB.
According to Arthur Goldstuck of World Wide Worx there are more than 48,465,000 cellphone subscriptions in South Africa. A cellphone is all that is needed to be able to send and receive cash with the eWallet from FNB, receive a salary with Pay Wallet or buy prepaid and on-send part of that cash to someone else, all without the need of a bank account or bank card.
“If you have forgotten your wallet or purse at home and don’t have lunch money, you can send yourself cash. Whether you need to send money home to Umlazi for uGogo, or whether you just want to have access to cash using your cellphone, you can do that without a need of a bank card,” says Yolande Van Wyk, CEO of FNB Smart Services. ‘Technology is truly a catalyst to evolve financial services.”
FNB is planning on doubling the use of its eWallet service and launching it in other African countries by June 2011. “At FNB we breathe innovation, and it is with innovation that we will make eWallet available not only to South Africa but to the rest of the continent. We are working on changing the way Africans see cash. We are part of the body of ambassadors who are designing African solutions for African challenges -- we are changing the game,” concludes Van Wyk.
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