HERE IS THE FINANCIAL AND INVESTING NEWS YOU MAY HAVE MISSED!
Coindirect to launch b2b payment service
Cryptocurrency payment platform and wallet Coindirect is launching a business-to-business payment service to facilitate borderless transactions within a secure and transparent environment. The service allows merchants to receive payments locally or internationally in Bitcoin and other cryptocurrencies with a merchant fee of only 1%, allowing for funds to be placed into the merchant’s bank account in either rands or euros. “The South African market has had limited access to secure, transparent and cost-effective cross-border B2B payments until now,” says Nic Haralambous, the chief operating officer of Coindirect. “Our platform allows for merchants to accept payments globally, instantly and affordably, receiving fiat with no currency risk. We have signed several leading merchants onto the platform, which will launch in Q4 2019.”
FNB life customers to get payback in ebucks
FNB Life customers will be getting back up to 40% on their monthly life insurance premiums in the form of eBucks. The chief executive of FNB Life, Lee Bromfield, says the move is a departure from the trend of insurance providers that offer cash back only after years of paying premiums, often five to 10 years. FNB Life’s behavioural analysis shows that customers on level five, the highest eBucks level, are better at managing their health. “So we came up with the idea to reward customers based on how they manage their health, from eBucks level one to level five. For example, if your life insurance premium is R1000 and you are on level five, you will get R400 back in eBucks,” Bromfield says.
Generation Z more into saving than spending
The stereotypical view that young adults have abandoned sound money management for living in the moment, having gap years and enjoying themselves has been overturned by a survey by British data and analytics company GlobalData. GlobalData’s latest Retail Banking and Payments Survey reveals that 62% of Generation Z (young adults under 24) are more concerned with saving than living for the now. Rapidly increasing educational costs, a scarcity of well-paying jobs, greater job insecurity, and higher property prices have led Generation Z to pay greater attention to their long-term financial security. Sean Harrison, a finance analyst at GlobalData, says: “Just under half of our Generation Z respondents confirmed that they are keen to receive expert advice when dealing with their finances.’’
FNB rolls out tap-and-pin functionality at ATMs
First National Bank (FNB) will expand its roll-out of tap-and-PIN functionality to 600 ATMs across South Africa in the next 12 months. More than 100 FNB ATMs already offer this functionality. Tap-and-PIN allows people with contactless-enabled debit and credit cards to carry out transactions without the card leaving their hand. Raj Makanjee, chief executive of FNB Retail, says: “Our customers also have the option of making contactless payments using FNB Pay on our app, or any of our supported pay wallets. In addition, the new ‘scan to pay’ feature on the FNB app enables our customers to perform digital payments by scanning almost any QR code in South Africa.”