First, what's an eWallet?
In South Africa, popularly refers to the FNB eWallet however it's a common banking service that makes banking much easier.
Major banks adopted the use of this ewallet technology and it has since been loved by South Africans.
Let's dive right in.
How eWallet Works?
The eWallet banking service allows people to conveniently transfer money from bank accounts to working cellphone numbers.
It's the quickest way to ensuring your loved ones get the intended money and can withdraw instantly, without having a bank account.
Each bank follows a certain procedure for sending money with ewallet, to ensure transactions are secured - always.
How to Send Money?
The process of sending money via ewallet is easier done with a mobile app and internet banking.
You'll need to log in to your online banking, depending on the bank, and go to the ewallet services.
Provide the amount you want to transfer, usually up to R3,000.00 daily and R25,000.00 transactions per month.
Then, enter the cellphone number of the recipient and include the pin with the voucher.
Once sent, the recipient will receive an SMS confirmation of the transaction and may proceed to collect the money.
It's going to cost you less than R20 to send money with ewallet, depending on the bank and amount you'll be transferring.
How to Withdraw eWallet?
The money is available for withdrawal immediately - for FREE.
Depending on who you bank with, go to the nearest ATM that supports cardless services and collect your money.
You can take the details of the transaction and go to the nearest store to collect the money, instantly.
How to Reverse eWallet Payment?
Depending on who you bank with, by far, only FNB offers the fastest option of reversing the ewallet transaction in South Africa.
Other banks follow the traditional way of contacting the call centre, which we know it's never the best experience when one is frustrated.
So before clicking that exciting send button, always ensure the cellphone number you're sending to is 100% correct.
Banks do not guarantee you'll get your money back, during the reversal process. And they'll also charge you to reverse the ewallet transaction.
The best way to perform an ewallet payment is using the banking mobile app. These apps give you access to your contact list, which you can easily select correct recipients from.