FNB launches cross-border mobile payment
VALUE ADDED SERVICESBy BiztechAfrica - 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
M-PESA launches online paymentsM-PESA aims to revolutionise e-commerce in Kenya with the launch of its online payment service. Read More
Airtel partners with DSTV MobileAirtel Kenya and DStv Mobile have entered into a partnership that will allow Airtel subscribers to access DSTV mobile through their mobile phone network using Drifta mobile decoder for Android. Read More
Mobile smart wearable device shipments to approach 130m by 2018New findings from leading hi-tech analysts, Juniper Research, indicate that smart wearable device shipments including smart watches and glasses will approach 130 million by 2018, 10 times higher than estimated this year. Read More
EcoCash to offer lendingEcoCashSave account holders will soon be able to also borrow money just like ordinary bank account holders. Read More
Apps, data changing mobileMobile voice revenue is declining fast, while data use is surging, driven by instant messaging and apps, say new reports on the state of mobility in South Africa. Read More
Airtel, Zanaco launch’Cultiv8’ accountAirtel Money and Zambia National Commercial Bank have partnered to launch a low cost account that is primarily accessed through Airtel Money. Read More
Airtel to launch Opera Web Pass in AfricaOpera Software and Airtel have announced the launch of Opera Web Pass for customers in 17 countries across Africa. Read More
Clickatell aims to be Nigeria’s largest PINless prepaid airtime providerClickatell says it aims to strengthen its position as a leading mobile enablement provider in Nigeria and be the largest PINless airtime provider by the end of the fiscal year. Read More
Why mobile money uptake is low in AfricaGlesecke and Devrient expert Wolfgang Decker says the absence of a global regulatory standard, trust and low awareness are among the challenges facing mobile money services in Africa. Read More
Kenyan agriculture platform supports smallholder farmersAn innovative social enterprise firm empowering smallholder farmers in the country has developed a mobile messaging application in a bid to stem the rising pressure on the few extension and field officers who link up with farmers in rural areas. Read More
FEATURED STORYGaming app introduces investors to trading
A new virtual stock market app is equipping would-be investors with the skills they need to trade.
BEST READ NEWS
IN DEPTHCorporate cyber security threats of the year
91% of organisations polled suffered a cyber-attack at least once in the past year, says Kaspersky Lab in its security review of 2013.
COMPANY NEWSMTN launches new positioning campaign for enterprise market
MTN Group today unveiled a new Pan-African brand positioning media campaign for MTN Business, its enterprise business unit.