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R1.5billion to be transferred via eWallet this festive season

Consumers in South Africa are expected to transfer around R1.5 million through eWallet this festive season, according to FNB.

Sandi Madikiza, CEO of eWallet Solutions at FNB, said consumers are increasingly taking advantage of the convenience and simplicity of the mobile money service to come up with quirky and creative reasons to transfer money to friends and family.

Around R1.2 billion is transferred via eWallet on a normal monthly basis. Between September 2015 and September 2016, FNB added 4.2 million new eWallets.

“We’ve picked up interesting eWallet usage trends which are likely to continue throughout the festive season as consumers prepare to go shopping and spend quality time with their loved ones.”

eWallet funds can be used as cash gifts, a safer way to make payments during a season when crime rises and to send money home to those who don’t have bank accounts, among other things.

“Although these trends vary depending on the different needs of consumers, the popularity of eWallet, its multiple and creative uses are becoming more evident. This December, we expect a record R1.5 billion to be sent via eWallet by consumers who will either be spoiling their friends and family or saving the day, for the last time as we wrap up another exciting year,” Madikiza said.

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