R25bn milestone for digital wallet

11 September 2019 | Web Article Number: ME201916177

Business Tech
Commerce & Trade
Finance & Investment
ICT In Industry

FNB’S payment service, eWallet, grew 19% to 46 million users by the end of June 2019, with the total value transmitted over R25bn for the year.

“The record volumes and value of money sent by consumers using eWallet is a great testament of how simple, convenient and secure the offering is. Customers are constantly seeking instant gratification with ease of sending money and eWallet is proving to be the solution for this need,” said FNB Consumer CEO, Dr Christoph Nieuwoudt.

“We believe that the rise in mobile penetration, coupled with increased access to smart technology, is enabling customers to become amenable to platform-based banking. The growing interactions across our platform reflects consumer appetite for safe and conveniently solutions.”

FNB’s mobile digital account, eWallet eXtra, has also shown significant growth accumulating a total of 140 000 active customers to date. eWallet eXtra is a zero monthly fee digital account which also protects customers against unauthorised debit. No debit orders are allowed on the digital account.

“The success of eWallet eXtra shows that anyone who owns a mobile phone can be banked in minutes without having to visit a branch. This showcases our ability to adapt to the ever-changing consumer landscape to cater for the needs of customers through platform innovation,” Nieuwoudt said.

“The positive performance by eWallet and eWallet eXtra is a great motivation to continue to partner with our customers and provide solutions that resonates with them at every life stage they are in.”

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