FNB has announced that consumers can now use their FNB eWallet to purchase goods and withdraw cash at participating owner-managed Spar stores in South Africa.
Called ‘[email protected]’, the cardless functionality uses a cellphone to enable eWallet recipients to make over the counter purchases and withdrawals at over 1,300 participating Spar outlets, the bank said.
“The partnership complements our long-term digital strategy to expand access to financial services,” said FNB’s Sandi Madikiza. “Our customers are increasingly making cardless withdrawals at our ATMs and we see this becoming a common trend where mobile technology is preferred instead of the physical cards.”
According to user data provided by FNB, [email protected] showed a sharp spike in usage across select provinces in December 2017, with 53% of transactions taking place in Limpopo, followed by Gauteng at 32% and KwaZulu Natal with 10%.
Madikiza said that in the long term, the bank believes that the use of mobile technology will most likely become the primary channel through which consumers manage their money.
“The persistent adoption of smart technology will remain the single biggest contributor to the adoption of solutions such as eWallet, among other financial services products.
“Already, we are seeing a growing number of customers who are using the FNB banking app to access eWallet, and we expect this trend to improve significantly overtime,” he said.