According to the app, “GeoPayments” is a new way to send money to, or receive money from, anyone with an FNB eWallet.
You need not be an FNB customer to receive money, but the bank explained in a press statement that only FNB account holders would be able to make payments.
FNB sent out media invites last week (3 May 2012) for a press briefing on Wednesday (9 May 2012), teasing the technology with the title “Get a little closer…”
“FNB invites you to a media briefing, hosted by Michael Jordaan, CEO of FNB, where he will be launching a new way to pay – another banking innovation from FNB,” the invitation stated.
The GeoPayments feature rolled into the FNB Banking App today (7 May 2012) appears to be the “new way to pay” that FNB told media it would be launching later this week.
FNB provided the following instructions for GeoPayments in its app:
- Use your cellphone number to create a new eWallet, or link an existing one.
- You can now receive money to your eWallet from other App users.
- To retrieve the money from your eWallet, dial *120*277# on your cellphone and then follow the instructions.
FNB said that GeoPayments is available in the new version of its FNB Banking App for Apple, Android, and BlackBerry devices. In order to make a GeoPayment, users need to be within a 500m radius of each other, FNB said.
*Update 2: Added information from press statement issued after the news broke.