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Johannesburg - Money sent via First National Bank’s mobile solution eWallet topped R1bn for the first time ever in July 2015.
The eWallet service enables FNB customers to send money to anyone in South Africa with a cellphone. Recipients also don’t need bank accounts, and they can access the funds from any FNB ATMs.
Meanwhile, the bank also has its eWallet Pro service, which is an enterprise solution that allows FNB business customers to make e-payments to customers and employees instantaneously.
And combined, money sent on both these services hit the R1bn mark in July 2015, which is an increase of 66% from the R650m sent in July 2014.
“The first R1bn took us two years to reach, and now people are sending R1bn a month,” said Yolande Steyn, chief executive officer of eWallet Solutions at FNB, in a statement.
“The majority of eWallet sends are to family and friends, with many recipients receiving money twice a month, illustrating that receiving money on your phone is the new norm,” said Steyn.
FNB said the eWallet consumer service accounts for the majority of sends at 77%, while the bank’s business solution ‘eWallet Pro’ makes up the other 23%.
Meanwhile, Gauteng recorded the highest usage of eWallet in South Africa with a 47% share, Kwa-Zulu Natal at 15% and the Eastern Cape at 10%.
Do you use eWallet or any other mobile money services? Tell us your experience by clicking here.
Mobile money market
According to global body the GSMA, mobile money is used by 100 million people across the globe.
“In Sub-Saharan Africa, the birthplace of mobile money, over 50% of all mobile network operators have already launched a mobile money service and by December 2014, 23% of all mobile connections there were linked with a mobile money account,” said the GSMA in March this year.
However, in South Africa, the take-up of mobile money has been lukewarm.
Earlier this year, Vodacom revealed that it only had 72 000 active customers amid the relaunch of its M-Pesa service.
