{"id":283406,"date":"2018-11-15T17:42:49","date_gmt":"2018-11-15T15:42:49","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=283406"},"modified":"2018-11-29T10:24:44","modified_gmt":"2018-11-29T08:24:44","slug":"tymebank-vs-fnb-ewallet-extra-pricing-and-services-compared","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/283406\/tymebank-vs-fnb-ewallet-extra-pricing-and-services-compared\/","title":{"rendered":"TymeBank vs FNB eWallet eXtra – pricing and services compared"},"content":{"rendered":"

TymeBank has ‘soft’ launched in South Africa, with the group allowing prospective customers to open an account.<\/p>\n

This marks the first of a handful of new banks to enter the South African market, with other major players – Discovery Bank and Bank Zero – set to launch in 2019.<\/p>\n

TymeBank is a digital-only bank with no physical branches or ATMs – but customers can gain access to their funds through ATMs, and sales points at Pick n Pay and other major retailers.<\/p>\n

The group also has a physical presence through kiosks at select Pick n Pay and Boxer stores. This is currently limited to six stores, but Tyme plans to expand this across the country.<\/p>\n

The appeal of a digital banking is affordability, with many of the legacy costs of traditional banking falling away in a digital-only structure.<\/p>\n

Digital banking also squarely targets the large unbanked market with a mobile-first approach.<\/p>\n

While TymeBank is the first fully digital bank to launch in South Africa, traditional banks have for some time begun to migrate into the digital space.<\/p>\n

FNB got the jump on competitors earlier this year with the launch of eWallet eXtra – its fully digital account – which can be opened and used on mobile devices. According to FNB, more than 50,000 people registered for FNB\u2019s eWallet eXtra within the first month of launching.<\/p>\n

FNB’s eWallet eXtra is entirely mobile-based, and works through USSD systems found on all mobile phones (including feature phones). Tyme meanwhile, works through a mobile app and online banking, but also offers a Visa debit card which allows for easier transacting.<\/p>\n

This is how South Africa’s first new digital-only accounts compare:<\/p>\n

\n

Opening an account<\/strong><\/p>\n

\"\"<\/a><\/p>\n

TymeBank<\/strong><\/p>\n

Accounts can be opened online, or in-store at a TymeBank kiosk. The process takes around 5 minutes, and requires a South African ID number and South African mobile phone number.<\/p>\n

Customers will also have to give a fingerprint to gain full access to accounts and a debit card. If you apply online, you will have to find a kiosk to give biometric data to upgrade to the full account.<\/p>\n

There are no fees attached to opening an account.<\/p>\n

eWallet eXtra<\/strong><\/p>\n

Accounts can only be opened on mobile devices. Users need to dial *120*277# on their cellphone, enter their name, surname and SA ID number, and\u00a0start banking on the eWallet eXtra account.<\/p>\n

There are no fees attached to opening an account<\/p>\n

\n

Devices<\/strong><\/p>\n

\"Smartphones<\/a><\/p>\n

TymeBank<\/strong><\/p>\n

Supports online\/internet banking and transactions through an Android App. An iOS app is not available at present – but internet banking can be accessed through all mobile browsers.<\/p>\n

To make use of internet banking and the app, a smartphone is required, but to withdraw or deposit cash, or use your debit card, you don\u2019t need a smartphone with internet access. However, you need a working cell phone with a registered number to received One-Time PINS and other voucher codes.<\/p>\n

eWallet eXtra<\/strong><\/p>\n

Services are accessed on mobile through USSD and the FNB banking app. Works on all mobile devices.<\/p>\n

\n

Physical presence<\/strong><\/p>\n

\"dotFNB<\/a><\/p>\n

TymeBank<\/strong><\/p>\n

Limited presence at present, with kiosks only available at select Pick n Pay and Boxer stores. This will be more expansive by the bank’s full launch in 2019.<\/p>\n