FNB brings eWallet to PEP

FNB ewallet PEP ewallet

The holy grail of banking – how to get to the “unbanked”

Looks like FNB has once again taken a step ahead by offering eWallet – a facility to use your cell phone to shop and do other banking transaction.

FNB (First National Bank) and PEP (retailer) have partnered together to offer this solution to their customers allowing any branch of PEP to be used as a traditional bank teller.

Anyone with a bar-coded South African ID can deposit money, send money, withdraw money, make payments and purchase goods at any PEP store in the country.

CEO of FNB, Michael Jordaan says that the partnership is a milestone for the bank in its efforts to use innovation and technology to make banking available to South African consumers. “With this partnership we are further extending banking services to all South Africans, with or without a bank account. This will enable them to send and receive money instantly, a simple yet safe solution in providing access to financial services”.

“FNB eWallet is a market leading FNB Innovation and this initiative takes our product to an additional 1 200 new outlets,” adds Jordaan.

Since its launch in 2009, more than 700,000 eWallets have been created. On a monthly basis an average of 50 000 new eWallets are created.

So how does it work ?

How to use eWallet at PEP (Sender):

  1. Deposit Money
  2. You require a valid RSA ID and Cellphone number
  3. The cashiers scans your ID and captures the Cellphone number
  4. (If this is the first time you use the service, the cashier will capture your name and surname as well)
  5. You’ll hand over the amount of money you want to deposit into you eWallet to the cashier
  6. You’ll receive an SMS confirming your deposit on eWallet
  7. Send Money with eWallet
  8. Having received funds into the eWallet (deposit at PEP, Money transfer via FNB cell phone banking/ another eWallet /internet / ATM), dial *120*277# from your cellphone and select “Send Money” Option
  9. Enter the cellphone number of the person you want to send money to.
  10. Key in the amount you want to send and confirm.
  11. Recipient receives SMS confirmation

How to use eWallet at PEP (Recipient):

  1. Withdraw at any PEP stores
  2. Recipient can withdraw money at any PEP store or FNB ATM
  3. You will receive SMS confirmation of how much money has been sent and who sent the money
  4. Dial *120* 277#.
  5. Select Withdraw cash and thereafter select Retail PIN if you are PEP store
  6. You will receive SMS with Reference number.
  7. Provide the cashiers with the Reference number, cellphone number and amount you want to withdraw.
  8. Enter PIN on the PIN Pad and the cashier will hand you over the amount of money you have requested.

In summary:

In a recent Youth Consumer Panel discussion we had and Mobile web Africa 2011, not a single person used eWallet. The main reason was “none of my friends are using it so I dont trust it”

eWallets have had a rough time. There is a trust issue that consumers need to understand and the targeted PEP audience will need a lot of convincing before this solutions becomes mainstream. Security for both the PEP employees (now handling more cash) and the eWallet user is a concern.

I applaud FNB (and PEP for being open to the idea) for once again being bold and innovative in bringing e-solutions to the market !

Liron Segev - TheTechieGuy

Liron Segev is an award-winning blogger, YouTube strategist and Podcast. He helps brands tell their stories in an engaging and real way that regular consumers can relate to. He also drinks too much coffee!

7 thoughts on “FNB brings eWallet to PEP

  1. In my opinion i thik the ewallet is a breath of fresh air especially for people like me who do not own an FNB account however i feel that FNB has made a big mistake by partnering with PEP stores reason being i have been to 3 different PEP stores around Centuion and i was never assisted because apparently their systems were not working,it seems to me like the cashiers are not given proper training with ewallet which inturn defeats FNB the purpose ,which then leads me to think if the PEP stores in sophisticated urban are not well equipped to administer the service how much more in your remote areas. FNB must introduce ewallet deposits via the atm instead of PEP becasei think PEP is setting thier efficient product for failure,and further i think FNB must link a unique number for every one registered on ewallet so that people using other banks e.g (STD) are able to transfer money from their accounts to their ewallet numbers over all i think the e-wallet is a briliant product but needs a few improvements..

  2. I am an ewallet user for 3 years now and I think this is one of the best things to ever happen since democracy. 🙂 . But it would really be great if ewallet deposits can be made via eft, atm.

  3. Wow,banking has become more n more easire this days.A big thank you to FNB and PEP to make peoples life easier.HOW CAN WE HELP YOU?that’s fnb.Once again thank you FNB.

  4. I am developing an app to buy goods any where using e-wallet and the likes from other banks. You need to contribute please you are welcome. There will be no need for looking for bank ATMs, there will be no need of a bank card, there will be no need of a credit or debit card. – Only your phone with pin code and valid barcoded ID – by Bernard Sibanda(BSC – Computing UNISA)

  5. This payment method offers a bigger payment coverage as compared to the traditional payment methods, such as credit cards. With high ownership of the bank cards, most consumers opt to pay via direct carrier billing owing to its ease and security.

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