FNB announced late last week that consumers can now use it’s eWallet facility to purchase goods and withdraw cash at participating owner-managed SPAR stores in South Africa.
Aptly called eWallet@till, the cardless functionality uses a cellphone to enable eWallet recipients to make over the counter purchases and withdrawals at over 1300 participating SPAR outlets.
FNB’s user data of eWallet@till shows a sharp spike in usage across select provinces in December 2017, with 53% transactions taking place in Limpopo, followed by Gauteng at 32% and KwaZulu-Natal with 10% as well as the Eastern Cape with about 5% of transactions.
According to the findings of the FinScope South Africa survey, mobile money solutions continue to play a vital role in broadening financial inclusion. The survey shows that in 2017, 71% of senders are sending money once a month to people outside of the household. Furthermore, the study showed that consumers have a propensity to use both mobile and retailer to send and receive money.