We have seen a shift away from cash over the last year as contactless and digital payment and banking solutions have become easier to access and more importantly, affordable.

This doesn’t just relate to folks going about their day-to-day lives but businesses as well.

As you might recall, cheques are no longer recognised as a method of payment in South Africa as of 1st January 2021. At FNB, it appears as if businesses have leaned into the bank’s eWallet Pro offering as an alternative to cheques.

We say this because the bank noted an 83 percent increase in payment volumes on eWallet Pro between June 2020 and June 2021. Furthermore, the bank notes a 27 percent increase in the number of businesses using the solution and the value of payments has increase by 44 percent.

“We are delighted to see many businesses adopting eWallet Pro, our instant and affordable money transfer solution, to pay clients and employees electronically through their mobile phones. This solution further helps businesses to minimise the risks and costs associated with handling cash,” says chief executive officer of the Transact Pillar at FNB Commercial, Daniel Kaan.

The eWallet Pro solution allows businesses to transfer funds to an employee who can then withdraw the funds at any ATM. According to the bank, it’s expecting further growth during the holiday period.

So says product head of FNB Commercial’s Transact Pillar, Wandile Mnguni, “As the festive begins, we are likely to see a further increase in small businesses taking advantage of eWallet Pro to pay temporary staff during the busy holiday period. Transacting digitally is important in the current environment, especially considering the safety of people during the festive season given the increased risks associated with the physical handling of cash”.

If you’re a business that is interested in eWallet Pro, you can find out more about the solution here.