Cashless Banking: FNB Launches GeoPayments

electronic-bankingWith the digital banking revolution taking hold in South Africa, bank clients are taking advantage of enhanced services which are available on tablet and smart phone devices. Besides the better-known electronic banking services like EFTs and balance enquiries via cell phone and tablet, FNB customers can now also make cashless payments to each other, provided that they are in the same location.

Eliminating the Need for Cash

Cashless payments are eliminating the need to carry large amounts of cash, protecting banking clients from accidental loss or theft of cash and saving them money on cash withdrawal fees. FNB first introduced GeoPayments as a convenient way to withdraw cash from nearby ATMs without the trouble of inserting cards and remembering PIN codes, and the popularity of the service has seen it expanding to allow FNB clients to transfer funds instantly using their mobile devices. The amounts are then available immediately at any FNB ATM using a one-time code.

When to Use GeoPayments

As a cashless payment option, GeoPayments are perfect for settling small amounts between two people who are in the same geographical location. The service could be used to pay a domestic worker who does not bank with FNB by providing her with a one-time code that can be used at any FNB ATM, or between two FNB clients with mobile devices which are close enough to sync. As more individuals and businesses begin to use GeoPayments, the number of situations in which this service can be used will continue to increase.

Getting Started

If you’re an FNB client and haven’t activated GeoPayments yet, you’ll need to download and activate the FNB App on your tablet or smartphone. Once your account has been linked to your device, you’ll be able to start making cashless payments to other FNB clients and other banking clients at the touch of a button.

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