FNB today announced a new payment solution, Pay Wallet, which will enable employers to pay their employees’ salaries without the need for them to have bank accounts.

 

Pay Wallet enables FNB corporate, commercial and public sector clients to electronically pay their un-banked staff’s salaries directly to their cellphones, giving them immediate access to these funds at any full service FNB ATM without requiring them to have a bank card.

 

Companies also have the option of providing recipients with a Pay Wallet card, which can be used at any ATM and for purchases at point of sale. The recipients of these cards can use them to withdraw their money, purchase prepaid airtime, or send the money directly to another recipient’s cellphone by utilising FNB’s eWallet product.  

 

“Pay Wallet is yet another innovative solution from FNB ensuring that all South Africans are active participants in the growth of our economy. It affords those with no access to banking services to be paid electronically without the need of a bank account,” said Yolande Van Wyk, CEO of FNB Smart Services.

 

“Our solution provides employees who do not own a bank account, the opportunity of being able to receive their funds instantaneously and electronically. FNB’s focus on innovation has created the ability for our clients to conduct their financial matters safely and securely, and far more conveniently,” concludes Van Wyk.

  

“Pay Wallet will reduce our clients’ risk of theft and fraud as well as the cost and inconvenience associated with handling cash. 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. Clients will also have the ability to ‘sponsor’ up to two cash withdrawals for the recipient in order to further reduce costs for employees,” says Michael Vacy-Lyle, head of sales and client relationships at FNB Commercial.

 

This latest announcement comes on the back of FNB's undertaking to offer a free online security suite to all of its internet banking users.