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.<\/p>\n
Called ‘eWallet@till’, 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.<\/p>\n
“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.\u201d<\/p>\n
According to user data provided by FNB,\u00a0eWallet@till 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%.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
“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,\u201d he said.<\/p>\n