{"id":15299,"date":"2012-06-13T13:23:41","date_gmt":"2012-06-13T11:23:41","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=15299"},"modified":"2012-06-13T16:18:55","modified_gmt":"2012-06-13T14:18:55","slug":"fnbs-ewallet-service-approaches-landmark","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/15299\/fnbs-ewallet-service-approaches-landmark\/","title":{"rendered":"FNB’s eWallet service approaches landmark"},"content":{"rendered":"

First National Bank (FNB)<\/a> says that its eWallet service is approaching a landmark of R2 billion sent to customers since its inception in 2009.<\/p>\n

The eWallet enables FNB customers to send money to anyone with a valid South African cellphone number.<\/p>\n

In an interview with BusinessTech, CEO of eWallet Solutions, Yolande van Wyk<\/a> said that more than one million eWallets have been created \u2013 with more than R1.9 billion paid into them since 2009. Transactions exceeded 300,000 per month. \u201cWe\u2019ve got consistent growth; I would love to see accelerated growth,\u201d she said.<\/p>\n

Looking at future growth, van Wyk said: \u201cWe have a few things in the pipeline. Remittances is strong locally, while we are also targeting remittances internationally.\u201d<\/p>\n

FNB noted that 61% of funds are sent to provinces other than the one where the user resides.<\/p>\n

The service is available in Botswana, Lesotho and Swaziland.<\/p>\n

The CEO pointed to a current partnership with social media platform MXit<\/a>. \u201cMXit users can already purchase ‘moola’ using their eWallet. We are working on a few other things with them.\u201d<\/p>\n

Van Wyk said that while a difficult task, \u201cmore difficult than we originally thought\u201d, FNB aims to grow its partnership base with other retailers, like the one it already has with PEP stores.<\/p>\n

In January, FNB went live with PEP whereby any South African consumer with a bar-coded South African ID could deposit money, send money, withdraw money, make payments and purchase goods at any PEP store in the country.<\/p>\n

\u201cWe want to add other retailers into the network. It does take time though,\u201d van Wyk said.\u00a0However, she added that FNB was close to going live with another retailer of similar size to PEP.<\/p>\n

The eWallet holds a maximum balance of R3,000 – up from an initial purse of R1,000 at launch in 2009.<\/p>\n

Related Article<\/strong><\/p>\n

FNB eWallet reaches landmark<\/a><\/strong><\/p>\n

FNB eWallet comes to the unbanked<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

First National Bank (FNB) says that its eWallet service is approaching a landmark of R2 billion sent to customers since its inception in 2009.<\/p>\n","protected":false},"author":9,"featured_media":15303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[10335,957,76,26,2213],"class_list":["post-15299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-ewallet","tag-fnb","tag-headline","tag-yolande-van-wyk"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/15299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=15299"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/15299\/revisions"}],"predecessor-version":[{"id":15328,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/15299\/revisions\/15328"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/15303"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=15299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=15299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=15299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}