FNB paying employees through their cellphones
Yesterday, 26 July 2010, FNB announced that its new payment solution, Pay Wallet, would enable employers to pay their unbanked employees' funds into a cellphone. The recipients would have immediate access to their funds at any full service FNB ATM without the need of a bank card.
Importantly, the solution offers its clients' safety, affordability and convenience. "Pay Wallet will reduce our clients' risk of theft and fraud as well as the cost and inconvenience associated with handling cash. By accessing a specifically developed portal on FNB Online Banking, clients will have the ability to create and pay wallet holders in real-time and wallet holders will have immediate access to their money by withdrawing cash at an FNB ATM. Clients will also have the ability to 'sponsor' up to two cash withdrawals for the recipient in order to further reduce costs for employees," says Michael Vacy-Lyle, head of sales and client relationships at FNB Commercial.
According to 2009 FinScope research, South Africa has more than 27 million economically active individuals and 37% of these individuals do not have bank accounts.
The solution caters for any disbursements, which previously relied on cash or cheque payments. Clients also have the option of providing recipients with a Pay Wallet card, which can be used at any ATM and for cash back or purchases at point of sale.
