First National Bank (FNB) announced that
payments solution Pay Wallet has been used to transfer over R42m to
more than 19,000 consumers since its launch in South Africa in July
last year.
FNB has seen an average monthly growth rate of
35% in Pay Wallet payments over the last six months.
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Pay Wallet, the only solution of its kind
available in the country, is an extension of FNB’s eWallet which
allows customers to send money in real time to anyone with a mobile
phone. It allows FNB Corporate, Commercial and Public Sector
clients to electronically pay their employees directly to their
mobile phones or debit card, reducing the time and cost associated
with handling cash and cheques.
A survey conducted in 2010 by
Finscope reports that 12.4m adults in South Africa are
unbanked and of these 11.1m have never been exposed to any type of
formalised banking.
“Products such as FNB Pay Wallet are allowing
us to bridge the gap between the banked and the unbanked and
address the real need for access to financial services,” said
Yolande Van Wyk, CEO of FNB eWallet Solutions.
“This also allows for the transfer of cash to
be done safely and easily.”
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By GlobalDataPay Wallet customers can also pay their
employees via cards as FNB have enabled companies to integrate
their line of business systems with Pay Wallet meaning all
companies, even those not banking with FNB, can use the
solution.
