FNB launches cross-border mobile payment
VALUE ADDED SERVICES| Aug. 17, 2012, 9:20 a.m.
South Africa’s First National Bank has launched cross border payments to Swaziland and Lesotho via a cellphone using its Pay2Cell service.
Pay2Cell, which launched in September 2011, enables FNB Cellphone Banking customers to make payments directly into other FNB accounts using only the recipient's cellphone number. No bank account details are necessary.
Ravesh Ramlakan, CEO of FNB Cellphone Banking, says: "Electronic channels are changing the way customers transact. In order to meet our customers lifestyle needs for simple, 24/7 on the go, and safe banking we continuously provide innovative solutions.
Traditionally making payments to other African countries has been limited to internet banking for senders or making a deposit or withdrawal through a branch or via an international money transfer company. We needed to have a simpler solution for our customers."
"Offering cross border payments from a cellphone allows our customers to send and receive money instantly. In addition to this, the use of only the recipient's cellphone number makes the payment process extremely simple for our customers.
Pay2Cell is a confirmation of how we are constantly innovating to the benefit of our customers," says Dione Sankar, COO of FNB Cellphone Banking.
With the launch of Pay2Cell cross border payments, the service will benefit South African FNB customers as well as customers in Swaziland and in Lesotho. In South Africa, Pay2Cell has seen in excess of 400% growth of transaction values since inception.
To access Pay2Cell, registered Cellphone Banking customers can either go to FNB.Mobi site or dial *120*321#, select the banking option and opt for Pay2Cell from the list. Thereafter an option to transfer funds from South Africa to Swaziland or Lesotho may be chosen. All that is then required to complete the transaction is the recipient's cellphone number and the value to be paid. The maximum transaction value is R1500 per day.
MORE VALUE ADDED SERVICES NEWS
Airtel Money leads on seamless e-services transactionsAirtel Ghana says it reinforced its position as having the most reliable platform for mobile money transactions at the launch of Government’s E-Payment Portal recently. Read More
Rewards for Lipa Na M-Pesa fuel paymentsSafaricom has announced an instant rewards system to incentivise customers who pay for fuel using Lipa Na M-PESA. Read More
Ivory Coast launches m-tourism appSODERTOUR has launched an app to give people important, real time tourism information on their cellphones. Read More
Dubai Bank launches M-SASA banking platform in KenyaKenya’s Dubai Bank and Rapid Communications, a telecommunications solution provider, have partnered to launch mobile banking system M-SASA. Read More
Angola creates awareness about E-Kwanza BAIA major marketing campaign is currently underway in Angola to create awareness about a mobile money service called E-Kwanza BAI, which was launched this month by the Banco Angolano de Investimentos (BAI, Angolan Bank of Investments). Read More
Orange, USAID join forces to boost mHealth innovations across AfricaThe U.S. Agency for International Development (USAID) and global telecommunications operator Orange have announced a new alliance to develop innovations in mobile health (mHealth) at the Global mHealth Forum in Washington, DC. Read More
WFP, World Vision look to digital to assist DRC refugeesMore than 1 100 households whose members fled the war in the east of the DRC have received financial assistance via mobile money from World Food Programme and its partner World Vision. Read More
Tanzania’s Safe Motherhood Text Messaging Service enters third yearSince its launch two years ago, 500,000 men and women accumulatively received 40 million informative safe motherhood messages and reminders through the Wazazi Nipendeni SMS service. Read More
2go racks up 2m monthly users on Android appMobile social network 2go has announced it has achieved over two million monthly users on its Android app just over a year after its launch. Read More
Airtel Money now largest financial service provider in DRCAirtel Money has hit the 1 million revenue-earning customers landmark in the Democratic Republic of Congo (DRC). Read More
FEATURED STORYPWC: Optimism abounds but a bumpy journey ahead for some
PwC’s ‘Capital Projects & infrastructure in East Africa, Southern Africa and West Africa,’ report says infrastructure spend in the region is projected to reach $180bn per annum by 2025.
BEST READ NEWS
IN DEPTHAfrica lags on digital migration
Only three African countries have so far completed the digital migration process, and serious issues are hampering the migration in other nations.