Pay Wallet: salaries to your mobile

first_imgThe solution caters for any disbursements which previously relied on cash or cheque payments; and 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. “Pay Wallet will reduce our clients’ risk of theft and fraud as well as the cost and inconvenience associated with handling cash,” said FNB Commercial’s head of sales and client relationships, Michael Vacy-Lyle. According to 2009 FinScope research, South Africa has more than 27-million economically active individuals, 37% of whome do not have bank accounts. “Pay Wallet is yet another innovative solution from FNB ensuring that all South Africans are active participants in the growth of our economy,” FNB Smart Services CEO Yolande van Wyk said in a statement this week.” Safe, affordable, convenient “Our solution provides employees who do not own a bank account, the opportunity of being able to receive their funds instantaneously and electronically,” said Van Wyk. “FNB’s focus on innovation has created the ability for our clients to conduct their financial matters safely and securely, and far more conveniently.” According to FNB, the Pay Wallet offers its corporate, commercial and public sector clients safety, affordability and convenience by allowing them to electronically pay their employees’ salaries. According to Vacy-Lyle, clients will also have the ability to “sponsor” up to two cash withdrawals for the recipient in order to further reduce costs for employees. First National Bank is set to launch a new solution enabling employers to pay the workers without bank accounts via their mobile phones, giving them immediate access to their salaries via the bank’s ATMs – without needing bank cards or accounts. 27 July 2010 “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,” he said. SAinfo reporterWould you like to use this article in your publication or on your website? See: Using SAinfo material “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.” “It affords those with no access to banking services to be paid electronically without the need of a bank account.” Focus on innovationlast_img