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March 15, 2016updated 04 Apr 2017 3:59pm

First National Bank unveils eWallet payment solution

South African financial services firm First National Bank (FNB) has rolled out a new payment solution in Gaborone for its businesses, commercial and corporate customers.

By Verdict Staff

South African financial services firm First National Bank (FNB) has rolled out a new payment solution in Gaborone for its businesses, commercial and corporate customers.

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Dubbed as eWallet bulk send, the new digital banking solution enables business account holders to send money to multiple recipients at a go through the online banking enterprise platform.

Available via the FNB online banking enterprise platform for business accounts, the solution allows businesses to carry out multiple eWallet payments to an unlimited number of recipients.

The service will not charge for withdrawals at ATMs for the first transaction.

Using this new offering, recipients can access all their funds immediately or may alternatively choose to withdraw part of the money and keep the remainder in a wallet for future use.

The eWallet Bulk Send features benefits such as instant, simple, ability to pay single or multiple recipients, pay up to BWP2500 per recipient, unlimited amount of recipients and also cost effective.

FNB business director Ogone Madisa-Kgwarae said: "The eWallet bulk send solution augments our efforts to promote financial inclusion by banking the unbanked, since eWallet recipients do not need to have a bank account.

"eWallet is more than just a money payment or transfer service as it allows the wallet holder to perform a variety of transactions including purchasing prepaid airtime and electricity."

 

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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