South African bank FNB’s eWallet Solutions division and Cash Converters have launched the ‘Cashies Card’, which will replace in-store cash payouts to customers.
Beginning this month, Cash Converters’ PayDay Advance customers are said to have the option to receive their loans on an “electronically loaded prepaid VISA card” as opposed to receiving them as cash.
Richard Mukheibir, managing director of Cash Converters, said: “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.”
The benefits of the “Cashies Card” include PIN protection and convenience of unlimited free point-of-sale swipes as well as the ability to withdraw money at any ATM with the first cash withdrawal free at any FNB ATM.
Also, FNB say they will be providing an alternative payment platform called eWalletPRO only to Cash Converters. This, it is hoped, will help simplify the payment process to its customers.
Yolande van Wyk, chief executive of FNB eWallet Solutions, said: “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 eWalletPRO is an enterprise payment solution that allows businesses to pay multiple beneficiaries through online banking or a host-to-host solution.
The recipient has a choice of receiving the money through their cellphone or prepaid card.
