FNB launches cross-border mobile payment
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.