FNB has revealed that consumers have sent over R12.8 billion worth of eWallet funds from 22 million eWallet transactions between July and December 2018. Photo: Bloomberg

DURBAN – FNB on Monday revealed that consumers had sent more than R12.8 billion worth of eWallet funds from 22 million eWallet transactions processed between July and December 2018. 

This is a 25 percent year-on-year increase in the value of funds that consumers had sent via eWallet.

In addition, the bank said its eWallet eXtra mobile bank account was also gaining momentum after amassing more than 120 000 customers in less than six months after its official launch to customers in the second half of 2018. Transaction volumes on eWallet eXtra surpassed 680 000 by December 2018.

Chief executive of FNB Consumer, Dr Christoph Nieuwoudt said that the growing take up of eWallet and eWallet eXtra reflects consumers’ appetite for more efficient means of banking.

"eWallet remains the best solution in the market for consumers who simply want to send and receive funds. However, our relatively new eWallet eXtra mobile bank account which can be taken up using any cellphone offers consumers the ability to hold a digital account without paying the traditional account fee. More importantly, eWallet eXtra allows users to perform several functions including buying airtime, data bundles, electricity and goods at selected Spar stores directly from their cellphone without a card," said Nieuwoudt. 

The wide range of user-friendly features is one of the compelling reasons for consumers to increasingly use eWallet eXtra. This is complemented by features which provide users with full control by generating a PIN code to safely access their digital account. The mobile account has a daily spend limit of R3 000 and R24 000 per month, while cash withdrawals can be made at FNB ATMs or over the counter at participating Spar stores and FNB acquired merchants.

In an increasingly competitive market for more efficient banking solutions, FNB is better positioned to compete, said Nieuwoudt. “We offer a far more comprehensive range of banking solutions for the South African market and this means consumers have a wider range of solutions to choose from, which addresses their individual needs.”

BUSINESS REPORT ONLINE