(Source: FNB). South Africa’s First National Bank (FNB) has teamed up with Cash Converters to launch ‘Cashies Card’, an electronic payment solution set to replace in-store cash payouts to customers, it was revealed today.
FNB eWallet Solutions, the bank’s division which is co-launching the initiative, said from March 2013 Cash Converters’ PayDay Advance customers will have the option to receive their loans on an electronically loaded prepaid Visa card as an alternative to cash.
Benefits of this card include the safety of PIN protection and convenience of unlimited free point-of-sale swipes, as well as the ability to withdraw money at any ATM, the Johannesburg-based bank said.
The first cash withdrawal is free at any FNB ATM.
“A cashless platform has numerous benefits to both Cash Converters and our customers. We will be able to reduce our costs and offer our customers greater convenience,” MD of Cash Converters Richard Mukheibir said in a statement.
FNB has provided an alternative payment platform called eWalletPRO to Cash Converters to help simplify the payment process to its customers.
FNB eWalletPRO is an enterprise payment solution that allows businesses to pay multiple beneficiaries through online banking or a host-to-host solution.
The recipient can receive the funds through a cellphone or prepaid card. This is a safer, easier and more convenient disbursement of funds, particularly cash, according to the bank.
“We aim to drive alternative cashless transactions for companies through eWalletPRO. The benefits to a business such as Cash Converters are numerous, as store owners no longer have the expense of transporting and holding cash,” FNB eWallet Solutions CEO Yolande van Wyk said.
Cash Converters customers will now have the choice of receiving their PayDay Advance on the ‘Cashies Card’, van Wyk added.
“Not only can the user withdraw cash from the card they have access to a variety of eWallet transactions such as buying prepaid airtime, data and electricity, send money to other people, transfer to SA bank accounts as well as make certain bill payments.”
There is no monthly fee, balance enquiries for the card and SMS transaction notifications from inContact are all free, as is the first cash withdrawal at an FNB ATM, the bank said.