PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

South African Bank Sees Strong Uptake in Mobile Service

Tristan Hugo-Webb by Tristan Hugo-Webb
November 2, 2015
in Analysts Coverage
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

In June, South Africa’s FNB bank (First National Bank) announced it was creating a new virtual mobile network service that would be integrated with FNB’s online banking service and allow FNB customers to have a single account for both their mobile and banking accounts. In the months since, the bank has seen strong uptake in the service with particular interest among the millennial demographic.

Commenting on the initial results, Ravesh Ramlakan, CEO of FNB Connect said,

“We didn’t expect to hit the 100 000 active SIMS mark before the end of the year but the strong organic uptake by customers is an indication that there’s a strong need for a transparent, flexible mobile service. 75% of the new SIMS are prepaid and 25% are postpaid, and 40% of customers fall within the 26 – 35 age, this is a demographic that values flexibility and prefers to take control of how they spend on mobile services.”

Around the world, mobile network operators (MNOs), also known as telcos, are increasingly providing financial services to their customer base. With more consumers using their smartphones as a primary banking channel, financial services, including payment services, could be a vital new revenue stream for MNOs as the cost of data and other mobile services declines. Although FNB’s launch of a mobile network does not seem focused on developing new payment services, it serves as a significant new touch point that should help keep the bank’s customers satisfied and creates ne


Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group

Read the full story here

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    real-time payments

    The Challenge of Real-Time Payments for Legacy Banks

    November 30, 2023
    quickbooks payroll

    Intuit QuickBooks Online Payroll Simplifies Human Capital Management with the Introduction of New Capabilities

    November 29, 2023
    deposit fraud

    Early Warning’s Verify Deposit Risk Leverages Predictive Intelligence to Stop Deposit Fraud

    November 28, 2023
    financial management

    How Intuit QuickBooks is Providing Tools for More Effective Financial Management at Every Stage of Small Business Growth

    November 27, 2023
    credit cards

    Credit Card Industry Remains Robust but Must Brace for Economic Instability

    November 22, 2023
    Complaints About Empty Gift Cards Continue into the Holiday Season

    Complaints About Empty Gift Cards Continue into the Holiday Season

    November 21, 2023
    Virtual Cards Are Gaining Ground in B2B Payments

    Virtual Cards Are Gaining Ground in B2B Payments

    November 20, 2023
    API and UI Intersection Accelerates Digital Banking

    API and UI Intersection Accelerates Digital Banking

    November 17, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result