Bank in SA to launch geo-based mobile payments

First National Bank will on Wednesday launch a mobile application tool expected to allow its customers exchange money without using their banking details.

TechCentral on Monday leaked to the press the intended launch of the app that will be available in the Apple App Store, and for Blackberry users in the country.

The application that is set to work when customers are in the same geographical location will also allow non-FNB customers to transact using the app. At one point, users will have to load their accounts with cash to be able to use the app. The transaction fees and the maximum transaction amounts have not been set yet.

In Kenya, according to the Communications Commission of Kenya (CCK), the mobile money transfer and transaction subscriber base now has around 18 million users with over four telecoms companies introducing the service.

A similar mobile payment that relies on GPS calledTikTok was launched in Beta last month in Canada. The company now boasts of 2,000 users in the few weeks it has been on. Although not a banking product, TikTok helps users get daily deals that are nearby and transact to purchase them.

FNB intends to launch the product in an event in Johannesburg.

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