TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentral TechCentral
    NEWSLETTER
    • News

      The great crypto crash: the fallout, and what happens next

      22 June 2022

      Winter 1, Eskom 0

      22 June 2022

      What it will take to bring the Guptas to justice

      22 June 2022

      Inflation in South Africa spikes higher

      22 June 2022

      Eskom announces massive escalation in load shedding

      22 June 2022
    • World

      Tether to launch a stablecoin tied to the British pound

      22 June 2022

      Tech giants form metaverse standards body, without Apple

      22 June 2022

      There are still unresolved matters in Twitter deal, Musk says

      21 June 2022

      5G subscriptions to top one billion in 2022: Ericsson

      21 June 2022

      Crypto lenders face a DeFi drubbing

      21 June 2022
    • In-depth

      Goodbye, Internet Explorer – you really won’t be missed

      19 June 2022

      Oracle’s database dominance threatened by rise of cloud-first rivals

      13 June 2022

      Everything Apple announced at WWDC – in less than 500 words

      7 June 2022

      Sheryl Sandberg’s ad empire leaves a complicated legacy

      2 June 2022

      Tulipmania meets the real economy at WhatsApp speed

      30 May 2022
    • Podcasts

      How your organisation can triage its information security risk

      22 June 2022

      Everything PC S01E06 – ‘Apple Silicon’

      15 June 2022

      The youth might just save us

      15 June 2022

      Everything PC S01E05 – ‘Nvidia: The Green Goblin’

      8 June 2022

      Everything PC S01E04 – ‘The story of Intel – part 2’

      1 June 2022
    • Opinion

      Has South Africa’s advertising industry lost its way?

      21 June 2022

      Rob Lith: What Icasa’s spectrum auction means for SA companies

      13 June 2022

      A proposed solution to crypto’s stablecoin problem

      19 May 2022

      From spectrum to roads, why fixing SA’s problems is an uphill battle

      19 April 2022

      How AI is being deployed in the fight against cybercriminals

      8 April 2022
    • Company Hubs
      • 1-grid
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»News»FNB geo payments: all the details

    FNB geo payments: all the details

    News By Craig Wilson9 May 2012
    Facebook Twitter LinkedIn WhatsApp Telegram Email

    First National Bank has outlined in detail its new geo-payment service Geopay after news of the feature in its smartphone app leaked on Monday. It allows consumers to make payment to anyone nearby them who has a compatible mobile device, even to customers of other banks.

    Though the initial focus is on person-to-person payments, FNB CEO Michael Jordaan says the company is considering activating it for business accounts, too.

    The fees for using the service are the same as those for other once-off payments via the bank. “It’s seen as an electronic payment, so if you’re on a monthly fee package you can make unlimited free Geopay payments,” Jordaan says.

    Users who don’t have an FNB account can download the app and receive payments. These will be stored in an e-wallet for up to 30 days and can be withdrawn from any FNB ATM by means of a cardless transaction. Users can draw up to R5 000 a day from an ATM at a maximum of R3 000 per transaction.

    Geopay uses cellular tower “triangulation”, Wi-Fi and/or GPS. The user making the payment is asked to enter their online banking password to confirm payment.

    Farren Roper, head of products and markets at FNB Connect, the division that built the app, says one of the advantages of the service is that there is no need for either party in a Geopay transaction to exchange banking details and that the service authenticates by means of the application’s existing programming interface.

    Michael Jordaan

    Roper says the minimum payment amount is set at R1 and the upper limit is a user’s daily transaction limit, which can be as much as R35 000. He says proximity-based payments are the “natural way to make face-to-face payments”.

    The updated app works on iPhones as well as some Android and BlackBerry devices. Jordaan says the facility is intended as a “person-to-person payment solution”, where the amount transferred is “instantly available”.

    The app has 160 000 active users. Jordaan says he expects that figure to climb to 250 000 users by the end of July and “conservatively” to 330 000 users by the end of the year.

    The bulk of app users use iPhones and iPads, accounting for 49% of the active user base. Although FNB offers subsidised iPads to its clients, it does not yet offer iPhones, which Jordaan says is as a result of existing agreements with various resellers and something the bank wants to change in coming months. Android users account for 28% of the user base and BlackBerry users 21%. Only 2% use Nokia handsets.

    Jordaan says the age range of users is wide and not limited to younger clients. “In future, some users may never come into contact with traditional forms of banking,” he adds.

    He says that although FNB wants to move as many of its customers as possible to digital channels, branches still have a place in modern banking. “For certain transactions, branches are still important. We think branches are here to stay, but we do see paperwork and cash disappearing in time.”  — (c) 2012 NewsCentral Media

    Farren Roper FNB Michael Jordaan
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleFNB’s smart banking call
    Next Article Legal drama as ZTE pulls plug on partner

    Related Posts

    The great crypto crash: the fallout, and what happens next

    22 June 2022

    Winter 1, Eskom 0

    22 June 2022

    What it will take to bring the Guptas to justice

    22 June 2022
    Add A Comment

    Comments are closed.

    Promoted

    More than card machines – iKhokha diversifies to reach more SMEs

    22 June 2022

    What does it cost to be a student in 2022?

    22 June 2022

    Rugged PCs bring AI to the edge in industrial settings

    21 June 2022
    Opinion

    Has South Africa’s advertising industry lost its way?

    21 June 2022

    Rob Lith: What Icasa’s spectrum auction means for SA companies

    13 June 2022

    A proposed solution to crypto’s stablecoin problem

    19 May 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.