FNB’s eWallets a Success

by Mercator Advisory Group 0

South Africa’s First National Bank (FNB) is owned byFirstRand, South Africa’s second largest banking group. Its Pay WalleteWallet offering competes with an entry level bank-based savings account.Operating via cellphone, Pay Wallet is being used principally to send fundsfrom urban employees to relatives living in rural areas. FNB has alsoconnected up to PayPal for international remittances and for South Africansellers to offer their goods to an international audience.

With the advent oftechnology, especially cellphone technology banking has evolved dramatically.Banks and network operators have created solutions to address the unbankedpopulation. The FNB eWallet solution specifically, has seen a remarkableup-take in a very short period, predominantly because it speaks to people’sneeds to replace cash easily and safely. Since its inception in October2009 more than 150,000 eWallets have been created with over R 100,000,000 beensent to friends and family from FNB accounts.

The eWallet solution is a successbecause it has given customers an alternative to sending cash instantly andsecurely to family and friends without having to pay exorbitant bank fees ortransport costs.

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