Guiding consumers since 2009

Another innovation from FNB

By Staff Writer

FNB have pioneered another first after announcing   a new cashless payment option. GeoPayments is a new person-to-person (P2P) payment mechanism on the FNB Banking App.

This new functionality uses location based services to allow customers of the latest version of the FNB Banking App to locate other users, within close range, to make safe and secure cashless payments without the need of their bank account details.

"Since the launch of the FNB App, we have seen a remarkable uptake in this digital channel. One of the benefits of smartphone and tablet applications is the potential for effective use of location based technology. This latest innovation brings together location based technology and person-to-person payments. We believe that it will not only offer clients additional convenience, but also unlock strategic potential for cashless payments going forward," says Michael Jordaan, CEO of FNB.

GeoPayments is available to both FNB and non FNB customers. FNB customers will have the benefit of being able to pay as well as receive payments. Non FNB customers will be able to download the App and receive GeoPayments into an eWallet, which can be created via the App.

"GeoPayments offers a quick, safe, easy and quick solution for making cashless payments and creates ease of use for customers who are now able to geo locate, and pay other App users, without having to add a recipient or withdraw cash," says Farren Roper, Head of Products and Markets at FNB Connect, the area which built the Banking App and the new GeoPayments functionality.

FNB App users who use the GeoPayments functionality to pay other FNB App users will be identified to each other, with the payer and recipient 'pairing' their devices before a payment is made.

GeoPayments is available on the new version of the FNB Banking App for Apple, Android and BlackBerry devices.

Roper adds, "Location based Apps have proven to be very popular globally and are used largely for check-ins and rewards. The FNB App was initially launched with location based services for finding branches and ATM's, but applying it to payments compliments the Bank's digital strategy."

The launch of GeoPayments is another bold move towards creating a new ecosystem for our customers to use our self-service and digital channels, whilst reducing the dependency on cash," concludes Jordaan.

Recent Articles

Featured Everything you should know about tax auto assessment

In 2019, the South African Revenue Service (SARS) launched a system, which was dubbed an “auto assessment”, to assist taxpayers with their annual tax returns. But what does this system entail, and how will it impact you?

What does it mean to be a registered Financial Services Provider?

You may have noticed that financial institutions state that they’re registered Financial Services Providers (FSP). But what does this actually mean, and how does this benefit you as a consumer?

Should the retirement age change?

Across the world, people are retiring later than they used to. However, retirement products are centred around set retirement ages at which point you’d be able to access your retirement savings. But how applicable is the current retirement age in South Africa?

Everything you need to know about wills

Death can leave a lot of confusion and chaos. What happens to your possessions when you die can have a profound effect on those you leave behind. But you can soften the impact by drawing up a will.

Deals

Get 30% off your gym membership with Absa student account

Price: Available on request
When: Daily
Where: Nationwide

Get 10% discount on Rentalcars.com

Price: Available on request
When: Daily
Where: Worldwide

Get up to R5 back in rewards points when buying fuel

Price: Available on request
When: Daily
Where: Nationwide


Latest Guide

Guide to debt rehabilitation solutions