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
Local languages now on EcoCashEconet Wireless has announced a new enhancement to the EcoCash mobile money wallet by unveiling multiple local languages to the EcoCash platform. Read More
Airtel, Verifone partner on NFC payment in GhanaAirtel Ghana has partnered Verifone Mobile Money to raise the bar in the mobile money space by introducing a contactless “tap and pay” near field communications (NFC) technology for payment. Read More
Globacom unveils National Mobile Health Insurance productNigerian national telecoms carrier, Globacom has unveiled a National Mobile Health Insurance Product to help improve access to quality health care among Nigerian population. Read More
MFS Africa to power cross-border xP2P services between MTN Mobile Money and M-Pesa in AfricaMFS Africa has announced that its mobile money hub (MFS Africa Hub) has been selected by telecom giants Vodafone and MTN to interconnect their respective M-PESA and MTN Mobile Money platforms in the East African region. Read More
Airtel Kenya partners Medanta Africare for mobile healthcareAirtel Kenya has joined hands with Medanta Africare to launch a new mHealth service that will allow customers access quality health advice from doctors through their mobile phones. Read More
MTN Mobile Money and Vodafone M-Pesa to interconnect Mobile Money ServicesCustomers of MTN Mobile Money and M-Pesa in East Africa will be able to transfer money to each other following an agreement between MTN Group and Vodafone Group to interconnect their mobile money services. Read More
Mobile money a game changerThere has been massive drop in the number of unbanked, thanks to the boom of mobile money services, a new World Bank report shows. Read More
Afrinvest unveils mobile app for online trading, investment managementAfrinvest Securities Limited at the weekend launched an online equity trading mobile application, offering clients mobile access to their brokerage accounts and portfolio data. Read More
Stanbic launches real time payments for electricity and DStvStanbic Bank Botswana has announced the introduction of state of the art, real-time electronic payments for Prepaid Electricity and DStv Subscription through its cellphone Banking and Internet Banking Channels. Read More
FEATURED STORY2015 African Blogger Award winners announced
The winners of the second annual African Blogger Awards have been announced, with the competition receiving over 1,000 entries from across the continent.
BEST READ NEWS
IN DEPTHNIMC infrastructure must be managed by credible people: NIMC chief
NIMC’s chief speaks to Kokumo Goodie about the role of the NIMC and his own legacy.
COMPANY NEWSMicrosoft, IICD launch employability hub in Ghana
Microsoft Ghana, in partnership with the International Institute for Communication and Development, has launched the TizaaWorks online platform, a one-stop online hub for employability and entrepreneurship.