FNB today has announced a new payment solution, Pay Wallet, which will enable employers to pay their un-banked employees’ funds into a cell phone.
‚Pay Wallet is yet another innovative solution from FNB ensuring that all South Africans are active participants in the growth of our economy. It affords those with no access to banking services to be paid electronically without the need of a bank account,‚ says Yolande Van Wyk, CEO of FNB Smart Services.
According to 2009 FinScope research South Africa has more than 27 million economically active individuals and 37% of these individuals do not have bank accounts.
Pay Wallet enables FNB Corporate, Commercial and Public Sector clients to electronically pay their un-banked recipients directly to their cellphones. The recipients have immediate access to their funds at any full service FNB ATM without the need of a bank card.
Importantly, the solution offers FNB Corporate, Commercial and Public Sector clients’ safety, affordability and convenience. ‚Pay Wallet will reduce our clients’ risk of theft and fraud as well as the cost and inconvenience associated with handling cash. By accessing a specifically developed portal on FNB Online Banking, clients will have the ability to create and pay wallet holders in real-time, and wallet holders will have immediate access to their money by withdrawing cash at an FNB ATM. Clients will also have the ability to ‚sponsor’ up to two cash withdrawals for the recipient in order to further reduce costs for employees,‚ says Michael Vacy-Lyle, head of sales and client relationships at FNB Commercial.
‚Through our commitment to entrepreneurship and enabling businesses to manage their cash flow effectively, we focus on innovation as a key driver in making banking more affordable, accessible and convenient to our clients – saving them time and money,‚ adds Vacy-Lyle.
The solution caters for any disbursements which previously relied on cash or cheque payments. Clients also have the option of providing recipients with a Pay Wallet card, which can be used at any ATM and for cash back or purchases at point of sale.
‚Our solution provides employees who do not own a bank account, the opportunity of being able to receive their funds instantaneously and electronically. FNB’s focus on innovation has created the ability for our clients to conduct their financial matters safely and securely, and far more conveniently,‚ concludes Van Wyk.