SA’s most-used mobile money platforms

 ·28 Nov 2013

New research finds banking group Absa’s CashSend to be the most popular mobile money system in South Africa.

This is according to the latest data from Dashboard and World Wide Worx, unveiled this week (26 November 2013), as part of a collective Mobility 2014 study.

The survey questioned 1,200 people, with 9% saying they had used mobile money over the past three months.

More than three in 10 (30.8%) of respondents said they used Absa’s CashSend product, with FNB’s eWallet second most popular (22.4%).

M-Pesa, a joint initiative between Nedbank and Vodacom, and Standard Bank’s Instant Money service had an equal number of respondents (19.6%) who said they had used the product over the past three months.

MTN’s Mobile Money, which was recently relaunched in SA, saw 6.5% of respondents saying they had used the service, with FNB Geopay, and FNB Pay2Cell at 1.9% each.

Absa’s CashSend is a service that is offered to all Absa customers with in excess of R1billion sent via the platform in 2012, the bank said.

MTN’s Mobile Money boasts approximately one million users, and has processed more than R1 billion in transactions since launch.

Nedbank says its M-Pesa service, in conjunction with Vodacom, has 1.2 million registered users.

According to FNB, over 2 million people have received money into FNB eWallets since its launch in October 2009, with more than R4 billion been sent to eWallets in South Africa since inception.

FNB said it had 650,000 banking app users all of whom have the ability to use GeoPayments in addition to the other App transactions and services, adding that its 5 million cellphone banking users all have the ability to use its Pay2Cell service.

Standard Bank, meanwhile, said it has in excess of 2 million customers who use Instant Money.

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