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Over R1.5bn to be sent on eWallet by December

By in Business, Economy, Finance on November 2, 2016

Despite the tough economic environment, FNB expects a record R1.5 billion to be sent via its mobile money service by December 2016, as consumers spend more and spoil friends and family over the busy festive period.

Between September and December last year, eWallet recorded a 30% increase in money sent to recipients, growing from R800 million to R1.1 billion respectively. A similar trend is expected as we build up to December.

“During the festive period consumers often have more disposable income and are not reluctant to spend on shopping, travelling and entertainment. Even tough times are usually not enough to dampen the celebratory mood and spirit of giving during this special time of the year,” says Sandi Madikiza, CEO of eWallet Solutions at FNB.

On average, eWallet users send around 3% more money to family and friends on a monthly basis and this number continues to increase due to the services’ popularity, convenience and simplicity.

Madikiza says individuals who can afford to go away over the festive season will have peace of mind knowing that they can conveniently send money to their friends and families via eWallet during emergency situations.

Moreover, the mobile money service will come in handy as more people send money to each other to buy gifts for family and loved ones between Christmas and New Year’s Eve.

He believes that one of the biggest growth drivers for eWallet will come from digitally savvy millennials between the ages of 16 and 36.

“60% percent of these individuals currently use the FNB Banking App, which currently makes up 15% of money sent to recipients via eWallet on a monthly basis, after cellphone banking which accounts for 66%,” says Madikiza.

With over 2 million active devices currently using the FNB Banking App, the volume of eWallet transfers is bound to increase significantly between now and next year.

“Over the busy festive season when people are always on the go, eWallet will be the ideal solution for consumers to receive and send money to each other, as well as family and friends, anywhere and at any time,” concludes Madikiza.