Cross-border payments go mobile
15 August 2012
South Africa's First National Bank (FNB) has launched cross-border payments to Swaziland and Lesotho through its Pay2Cell service.
Pay2Cell was launched by FNB in September 2011, and allows the bank's mobile phone banking customers to make payments directly into FNB accounts using only the recipient's mobile number.
'Changing the way customers transact'
"Electronic channels are changing the way customers transact," chief executive officer of FNB cellphone banking, Ravesh Ramlakan, said in a statement on Wednesday.
"Traditionally making payments to other African countries has been limited to internet banking for senders or making a deposit or withdrawal through a branch or via an international money transfer company.
"We needed to have a simpler solution for our customers," he said.
According to FNB, Pay2Cell has seen a 400% increase in transaction values since its inception. "Pay2Cell is a confirmation of how we are constantly innovating to the benefit of our customers," said chief operating officer of cellphone banking, Dione Sankar.
"Offering cross-border payments from a cellphone allows our customers to send and receive money instantly. In addition to this, the use of only the recipient's cellphone number makes the payment process extremely simple for our customers."
To use Pay2Cell, registered FNB cellphone banking users can either visit the FNB mobi site or dial *120*321#, select the banking option and select Pay2Cell from the list.
There is a daily limit of R1 500 on transactions.