First National Bank (FNB) has introduced a payment solution that will give employers the ability to transfer funds into electronic wallets, accessible from any ATM without a bank card.
Employees need not have a bank account to access these funds. They will be able to receive the details via cellphone and collect cash from an ATM.
“Pay Wallet will reduce our clients' risk of theft and fraud as well as the cost and inconvenience associated with handling cash,” says FNB head of sales and client relationships, Michael Vacy-Lyle.
FNB's corporate, commercial and public sector clients can create these pay wallets in real-time so that their employees have immediate access to their money. They can also sponsor up to two cash withdrawals so that the employee does not face bank charges.
Employees can also be given a Pay Wallet card, which functions as a debit card in terms of point-of-sale purchases and cash back.
According to FNB, 2009 FinScope research shows that of SA's 27 million economically active citizens, 37% do not have bank accounts.
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