Consumers in South Africa’s top economic hubs continue sending most of their money via eWallet services due to its convenience.
These eWallet services, as many of us know, are easy, quick and convenient which is why there was no doubt a spike in its use over the festive season period in 2019/2020.
First National Bank (FNB), ahead of the festive season period in December 2019, anticipated a 26% increase in eWallet send volumes.
South African provinces that made the most use of eWallet services
According to FNB, Gauteng outperformed all the provinces by sending over 42% of eWallet funds during the 2019/2020 festive period.
Completing the top three is KwaZulu-Natal (KZN) with 12% and the Western Cape with 7%.
In total, the Bank’s customers sent nearly R3 billion worth of eWallet funds over the festive season, recording a 20% spike in comparison to the same time in 2018.
Gauteng alone accounted for over R1 billion worth of eWallet transactions followed by KZN with over R300 million and Cape Town with close to R200 million.
Gauteng is South Africa’s ‘economic hub’
FNB Consumer CEO Christoph Nieuwoudt said they are extremely chuffed with the numbers.
“We are extremely impressed that consumers continue to use the most efficient ways to send money to family and friends. It comes as no surprise that Gauteng took the lead in send-money transactions as it’s known as the country’s economic hub and has a highly economically active population,” said Nieuwoudt.
“This further demonstrates how safe and convenient the service is to our customers,” Nieuwoudt added.
Nieuwoudt also stated that “eWallet provides customers with simplicity, convenience and security when sending money. This offering has become top of mind amongst South Africans when looking for easy ways to send money.”
Here’s how you can send money via eWallet
Customers can send eWallets using all our electronic platforms i.e. FNB App, Cellphone, Online Banking or through our ATMs nationwide. Recipients can instantly access their funds by simply dialling *120*277#.
In cases where the cash has been sent incorrectly, and a recipient has not withdrawn, the sender is able to reverse the eWallet transaction by dialling *120*321# following the easy steps or by calling 087-575-9405.
Nieuwoudt added that the bank will continue to improve accessibility to its infrastructures to ensure all South Africans are able to access platforms like eWallet.