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FNB moves towards contactless payment

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 18 Feb 2013
The fact that non-FNB customer can now also make Geo Payments marks a significant development in the contactless payments space, says FNB's Farren Roper.
The fact that non-FNB customer can now also make Geo Payments marks a significant development in the contactless payments space, says FNB's Farren Roper.

First National Bank (FNB) has taken a step towards an open banking ecosystem and contactless payments with the linking of its open mobile payments service to the FNB Banking App.

FNB's banking app is now available for use by non-FNB customers, following the addition of eWallet to the application's suite of services. The bank's eWallet allows FNB customers to send money to anyone with a valid South African cellphone number.

The big four bank this morning announced the linking of the mobile payment service to the banking app, allowing users to buy prepaid airtime, data, and prepaid electricity; and send money via the app. "eWallet users can also make payments to any SA bank account or make selected bill payments," it says.

Farren Roper, head of FNB Connect ISP and business operations, says customers can make withdrawals and payments - including Geo Payments - without logging in.

"The eWallet service on the app and also for existing eWallet users is akin to carrying a real wallet around in your pocket. The eWallet sits outside of login, so payments have never been this quick."

FNB eWallet users will need to download the banking app to access the enhanced eWallet suite of services. In addition, existing FNB customers will have their eWallet balances automatically updated on the app.

Yolande van Wyk, CEO of FNB's eWallet, says the bank sees this development as an "important step forward" in the mobile money payment space. FNB says the move is a strategic one, aimed at attracting non-FNB customers.

"When we launched Geo Payments in May 2012, we indicated that this was the beginning of a new person-to-person payment ecosystem. Non-FNB customers can now also use eWallet on the app to make Geo Payments, whereas previously, they could only receive Geo Payments," says Roper.

He adds the fact that non-FNB customer can now also make Geo Payments means the bank is moving closer to an open ecosystem, which he says is a significant development in the contactless payments space.

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