What is e-Wallet
An E-wallet is a form of an electronic card called an e-wallet that is used for online purchases through a computer or a smartphone. It serves the same purpose as a credit or debit card. To make payments, an E-wallet must be connected to the user’s bank account.
One of the easiest ways to send money to friends and family is through your FNB eWallet. It enables owners of FNB accounts to transfer money from bank accounts to any active, registered South African cellular number. If you send money to the wrong number, you can reverse your eWallet.
A user can hold funds for upcoming online transactions in an e-wallet, a form of pre-paid account. A password is required to access an E-wallet. One can pay for groceries, internet purchases, and tickets to flights, among other things, using an E-wallet.
Software and data are the two major components of an e-wallet. The software component secures and encrypts the data while storing personal information. The information component is a database that contains information that the user has submitted, such as their name, shipping address, a preferred method of payment, required payment amount, credit or debit card information, etc.
Sending and receiving money may be simpler than ever. With a touch of a screen, you can send and receive money now from the convenience of your home. Moreover, you can do it while riding public transportation or having fun with friends. Thanks to technology and the growing use of digital financial goods, all of these are now possible.
One of these online financial services in South Africa is FNB eWallet. Registered users of this eWallet are able to carry out financial transactions using their phones and other internet-capable devices. It is simple to use and has engaging graphics, making it accessible to everyone. Users adore it for its comfort, simplicity, and easy access to their bank accounts. However, what happens if you make a mistaken transaction and need to reverse it?
The ability to cancel an eWallet transaction on the FNB app is just as crucial as the ability to transmit money or finish a transaction. Users can reclaim money that was mistakenly sent to the wrong address. When sending money, a user may typically make a mistake if they provide the incorrect mobile number or bank account number. Given that funds transmitted via the FNB e-Wallet can be accessed and used promptly, it’s critical that you understand how to cancel a transaction as soon as you learn it was made in error.
How to reverse an eWallet on FNB App
It can be upsetting to learn you made a mistaken transaction on your e-Wallet. Users frequently freak out when they find they made a mistake in a transaction. When under pressure, you are more prone to make mistakes than to correct the situation. As a result, you must restrain your emotions and remain composed when you learn you transferred money to the incorrect address.
Follow these steps to reverse your E-wallet and send money back to your account
- On your phone dial pad, press *120*321#
- A new page will appear on your screen. Select option 4, dubbed “Send Money”
- A new set of instructions will appear on your screen. Choose option 5, called “eWallet Reversal”
- A list of transactions will appear on your screen. Choose the specific transaction your need to reverse
How does eWallet work
When it comes to sending money using mobile banking, eWallet is the finest. Customers can send money using the FNB eWallet to a cellphone number (your wallet), and that money is instantly available at any FNB ATM. When using the mobile app or internet banking, you can transfer an e-wallet up to R3,000.00 every day. and up to R1,500.00 when using FNB ATMs or cellphone banking. For transfers of less than R1,000.00, the cost is simply R10.95. And R13.95 for any sum between R1,000 and R3,000. The most economical method of transferring money to a family is that.No FNB account is necessary for the recipient to receive the funds you are sending to them. To withdraw money, all they need is their shared working cellphone number and the pin.
How to Send E-wallet
- Access online banking, mobile app, atm, or cellphone banking
- Choose to send money
- The select e-wallet
- Enter the cellphone number you want to send the money too
- Choose whether the app should provide the pin to the recipient or not
- Enter the amount you’d like to send
- Confirm and complete the transaction
Difference between a mobile wallet, an e-Wallet, and a Digital Wallet
Digital wallets are technologies that store the financial data that shoppers will need to access when making online purchases. Although most digital wallets are used online, some do work with smartphone apps. There are several that are widely used, such as how Google operates for online and mobile shopping. Others are more focused and serve their own company, which is typically used in app form.
Mobile wallets are wallets that are solely app-based. These apps are available for use on smartphones, tablets, and other mobile devices. These wallets frequently connect to the device and its features; for instance, Apple Pay and Android Pay each have a special e-wallet system that is specific to their respective devices. Mobile wallets are a rapidly expanding form of payment. By 2025, analysts estimate that Latin America’s compound annual growth rate (CAGR) will be 16.4%. According to the estimate, between 2018 and 2025, mobile wallet payments would grow by 15.7%.
The key distinction between an e-wallet and other payment methods is that an e-wallet can store a balance. Prepaid wallets are a practical answer for unbanked nations. Likewise, since e-wallet payment is assured, it is a secure option for merchants. To maintain this credit, money may be deposited in the form of cash, a bank account, or occasionally a cryptocurrency. E-wallets are similar to digital wallets in that they allow access to payment information for purchases. E-wallet is a word that refers to all wallets, despite the fact that they are all different, because of how many different ways they may be used.
When did E-wallets launch in SA?
FNB’s eWallet was launched in South Africa in 2009 and has since expanded its capability from straightforward fund transfers between individuals to various transactions. Users can purchase prepaid power and airtime, send money to another smartphone, pay from the eWallet to a bank account, purchase Moola on Mxit, and withdraw cash from any FNB ATM using the eWallet.Additionally, FNB announced that both FNB and non-FNB customers can now make automatic cash deposits into eWallets using FNB ATMs. Customers of FNB were the only ones who could previously use this service.“All these factors have contributed to FNB eWallet emerging as the largest mobile money solution in South Africa, according to research conducted by World Wide Worx,” FNB said. The eWallet is also available in Botswana, Swaziland, Lesotho, Zambia, and Namibia.
The most often used method for customers to send and receive money is still FNB eWallet. 7.3 million active eWallets were used by users to send R28 billion last year, according to reports. Each month, FNB processes more than 4 million eWallet transactions totaling roughly R2.5 billion.
E-Wallet, which enables users to send money to anyone with a mobile number, is a success story of financial inclusion, according to Raj Makanjee, CEO of FNB Retail and Private Banking. More clients, including those with Easy Smart accounts, are now able to send two free eWallets every month.
The withdrawal of the cash is free for the recipients. Our consumers use the single, dependable digital platform to carry out the full procedure, in contrast to other third-party “send money” options that call for going to a different platform to fund the wallet, he says.FNB has noticed a rising trend of eWallet users upgrading to entry-level bank accounts like FNB Easy Zero, which has no monthly account charge, according to Zibu Nqala, CEO of FNB Entry Wallet.
“Easy Zero account holders get a free debit card, card swipes, and cash deposits up to R1,500 a month, and are not charged a fee when buying airtime/data on FNB’s banking channels. Customers also get free unlimited Cash@Till withdrawals at retailers such as Shoprite, Checkers, Pick n Pay, Boxer, and selected Spar stores. The FNB app is also zero-rated, which means users don’t need data to access services.”
Says Makanjee: “We designed Easy Zero as a store of value for customers with limited banking needs. Easy Pay-As-You-Use and Easy Smart accounts also offer benefits to our entry-banking customers. The growing appeal of our propositions attests to our ability to solve customers’ needs at every life stage. As customers move up our retail continuum, bundled accounts offer more value through a combination of eBucks, the best rewards in banking, and a range of specialized money management services.”
How To Renew e-wallet Pin Online In South Africa
You can ask for a new PIN to be provided to you by phoning *120*277# if your eWallet PIN expires before you finish your transaction. You will be able to consistently withdraw money from your account using the new PIN that will be issued to you. Users now find the financial industry to be convenient because of technology. eWallet is one of the best technologies because it has made it simple for consumers to do transactions.
How do I get an eWallet pin?
- Dial *120*277# to access the eWallet
- Set a secret 5-digit PIN for the eWallet
- Select Withdraw cash and then Get ATM PIN
- You’ll receive an SMS with a PIN
Also read: Digital money | Is it the way of the future?