“The product offers money-senders an instant and secure money transfer service, as well as offering receivers various electronic transaction options,” says FNB eMoney Product House CEO Yolande van Wyk.
The receiver gets an automated SMS telling them how much money has been sent and instructing them how to get the money. The receiver can then request a temporary ATM PIN to withdraw the money at service FNB ATMs without the need of a bankcard.
According to FinScope, 3.8 million people send money to family and friends living within South Africa annually, mostly as cash.
“Before the launch, we conducted research on the challenges being faced by consumers when sending money. Some of the concerns were about whether the money would get to its destination, how long it would take to get there and the costs associated with sending money,” says Van Wyk. These concerns derive from the fact that money sent is often for basic needs such as food and groceries.
“Our customers can send money instantly, at any time of the day or even at night, without having to wait for the branches to open the next day. We are providing our customers with a secure way to send money to loved ones when they need it. It is also simple to use,” says Van Wyk.
There are no bank charges to withdraw at ATMs so receivers will get all of the money sent to them. From 22 November 2009 until 15 May 2010 there will be no charges to send money and receivers will be able to check their balances and send money on to someone else free of charges.
Withdrawals can be made in full or receivers may choose to withdraw part of the money and keep the rest in a ‘Wallet' for future use.
In addition, receivers will have access to other services with the money in the ‘Wallet'. They can buy prepaid airtime for them or someone else, send money on to someone else, check their balances and shop online using Cell Pay Point, a service that allows the receiver to pay for online shopping using their cellphone.
The bank has put in place a number of consumer education initiatives to ensure a better understanding of the sending and receiving process.
“Part of the attraction to the payment service is that it makes use of the cellphone. This device, used by millions of South Africans, is closing the distance between sender and receiver. By using it, we are bringing innovative payment services to consumers from all lifestyles.
“With this and other innovations from the bank, we are committing to bridging the gap between the banked and unbanked. Through the use of innovative technologies we believe that we'll be able to significantly change the way people manage their money,” says Len Pienaar, FNB mCommerce CEO.
