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Virtual money reaches unbanked

1 Sep 2010

FNB's eWallet, which launched in October 2009, has been processing transactions worth R1 million a day since May 2010, predominantly because it speaks to people's needs to replace cash easily and safely. Since inception, more than 150 000 such accounts have been created with over R100 million sent to friends and family from FNB accounts.

"The recipient does not have to be an FNB customer to receive the cash sent to them and they do not require a debit card to withdraw the cash at an FNB ATM. The recipient also has a choice to either withdraw cash or make use of various electronic transaction options, including purchasing prepaid products such as airtime or sending money to someone else," says FNB Smart Services CEO Yolande Van Wyk.

Mobile banking

"This growth is accredited to our customers who reside in urban areas who are sending money back home to rural areas, which indicates its ease of use and safety."

The success of this technology has enabled FNB to evolve this solution and develop a similar solution, Pay Wallet, which enables employers to pay their un-banked employees' funds into a cellphone, launched in July 2010.

"Virtual banking and virtual money is gaining momentum in our country and we are always looking at other alternatives to provide convenience and affordability to our customers," Van Wyk concludes.