FNB adds eWallet on the Banking App

May 29, 2012 • Mobile and Telecoms

FNB announced today that its customers can now send money to eWallets from the FNB Banking App. With this new functionality, App users can send money instantly to any cellphone number in South Africa.

FNB CEO Michael Jordaan (image: Charlie Fripp)

Both services have proven to be incredibly popular for the bank — since its launch in 2009, over 1 million eWallets have been created, with average daily sends amounting to R3 million and total transactions amounting to over R1.8 billion.

The FNB Banking App has also seen their user base skyrocket to more than 170 000 users since July 2011 and total transactions amounting to over R4 billion.

When money is sent to an eWallet from the FNB App, funds are transferred instantly and the recipient receives an SMS indicating that funds have been sent to their cellphone.

The recipient is then able to access cash immediately at FNB ATMs, buy prepaid airtime or electricity, send money to another cellphone, purchase or get cash at selected retailers and make once off payments.

The bank says their internal analysis show that a high number of eWallet users are techno savvy and either own a smart phone or a tablet or both.

“Allowing sending money to eWallet from the FNB App is a natural progression in providing added convenience for customers, who use a range of devices and channels. We expect it to continue to drive the popularity we have seen through other channels such as online and cellphone banking,” says Yolande van Wyk, CEO of eWallet Solutions.

In addition to the eWallet functionality, App customers can now also use the service to identify and access their Premier Banker by making a call or sending a message free of charge from the App.

Giuseppe Virgillito, Product Owner for the FNB Banking App states, “We are continually looking for ways to add even more value to the FNB Banking App. For premier banking clients, the new product features make it even more simple and convenient for our clients to stay in touch with the Bank. Better yet, the calls and messages between clients and the Bank are free.

This not only helps our clients save money, but also fulfils a need of instant gratification, as clients can now easily identify their premier banker as well as make instant contact with them. Allowing clients to send money on the App compliments our multi-channel strategy. This popular means of payment provides even more value to our existing App clients. ”

Staff writer

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