FNB brings eWallet to PEP
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):
- Deposit Money
- You require a valid RSA ID and Cellphone number
- The cashiers scans your ID and captures the Cellphone number
- (If this is the first time you use the service, the cashier will capture your name and surname as well)
- You’ll hand over the amount of money you want to deposit into you eWallet to the cashier
- You’ll receive an SMS confirming your deposit on eWallet
- Send Money with eWallet
- 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
- Enter the cellphone number of the person you want to send money to.
- Key in the amount you want to send and confirm.
- Recipient receives SMS confirmation
How to use eWallet at PEP (Recipient):
- Withdraw at any PEP stores
- Recipient can withdraw money at any PEP store or FNB ATM
- You will receive SMS confirmation of how much money has been sent and who sent the money
- Dial *120* 277#.
- Select Withdraw cash and thereafter select Retail PIN if you are PEP store
- You will receive SMS with Reference number.
- Provide the cashiers with the Reference number, cellphone number and amount you want to withdraw.
- Enter PIN on the PIN Pad and the cashier will hand you over the amount of money you have requested.
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 !