South Africa’s First National Bank (FNB) has added a new feature to its mobile app that enables users to make peer-to-peer payments via GPS technology.
The new “GeoPayments” service leverages a smart phone’s embedded GPS chip to connect FNB banking app users up to 500 meters apart, enabling them to wirelessly send and receive funds to their FNB accounts.
Non-FNB customers can also download and use the app to receive cash from FNB customers, although they may not send money themselves. Payments made to non-FNB customers are collected in an eWallet, which can be created using the FNB app.
“GeoPayments offers a quick, safe, easy and quick solution for making cashless payments and creates ease of use for customers who are now able to geo locate, and pay other App users, without having to add a recipient or withdraw cash,” said Farren Roper, Head of Products and Markets at FNB Connect.
The app is now available to download on Apple, Android and BlackBerry devices.