advertisement
Facebook
X
LinkedIn
WhatsApp
Reddit

R1 billion has been sent through FNB’s eWallet in one month

Mobile money is fast becoming one of the most-used functions offered by any bank, with every financial institution seemingly developing their own apps so that people can transact through mobile phones.

A lot of money has changed hands through these apps over the last couple of years, but FNB has revealed via press statement that it has hit a rather significant milestone in terms of volume.

For the month of July, FNB saw R1 billion being sent through its eWallet mobile money app. That is an increase of 66% compared to July last year, when transactions through the app totalled just R650 000.

We should note that here FNB refers to money being sent from one person to another, as opposed to paying for goods and services.

“When South Africans need cash, now they ask for ‘eWallet’. We find that our customers use the term “eWallet” generically to be paid via mobile money, so much so that reaching the R1bn mark did not come as a surprise to us,” explained Yolande Steyn, CEO of eWallet Solutions at FNB.

She added that the majority of money passing through eWallet is sent to family and friends, with many recipients receiving money twice a month. As expected, urban areas had a higher usage rate than rural areas.

With that said, mobile money users in Gauteng contribute 47% of the transactions, followed by Kwa-Zulu Natal at 15% and the Eastern Cape at 10%.

“The first R1bn took us two years to reach, and now people are sending R1bn a month. The numbers are big, but the primary focus for us is to really impact lives through the simplicity of eWallet,” Steyn concluded.

[Image – CC by 2.0/gail]

advertisement

About Author

advertisement

Related News

advertisement