As the integration and use of mobile phones continues to increase amongst consumers, so is the adoption of mobile payment solutions into their daily lives.
Sandi Madikiza, CEO of eWallet Solutions at FNB says consumers are increasingly taking advantage of the convenience and simplicity of eWallet to come up with quirky and creative reasons to transfer money to friends and family.
“We’ve picked up interesting eWallet usage trends which are likely to continue throughout the festive season as consumers prepare to go shopping and spend quality time with their loved ones,” says Madikiza;
· Many people won’t carry cash or wallets; they’ll simply transfer funds to their cellphone numbers via eWallet. Effectively opting for the digital wallet.
· We have seen people send eWallets as birthday gifts, so an eWallet should be the perfect gift for Christmas.
· People going out to eat at restaurants with friends will use eWallet to split the bill amongst themselves.
· Many people have family members all around the country who may not have bank accounts. We expect them to use the convenience of eWallet to send money home for Christmas and New Year’s festivities.
· eWallet has also been used to save the day, where people have been stuck – out of petrol or airtime and needing cash instantly. Such emergencies are likely to increase in December, creating perfect opportunities for eWallet to save the day.
· Contributing towards drinks and a braai will be easier through eWallet.
· A lot of South Africans get paid bonuses at this time of the year, so there will be lots of cash to go around. We expect to see an increase in friends using eWallet to either lend money or pay back loaned money.
· Parents who will be sending kids to visit ‘uGogo’ will find it more convenient and safer to use eWallet to send them money.
“Although these trends vary depending on the different needs of consumers, the popularity of eWallet, its multiple and creative uses are becoming more evident. This is mainly due to the convenience of being able to send or receive money via eWallet, anywhere and at anytime, without having to stand in queues.
This December, we expect a record R1.5 billion to be sent via eWallet by consumers who will either be spoiling their friends and family or saving the day, for the last time as we wrap up another exciting year,” says Madikiza.
“There’s certainly no doubt that eWallet is for everything and this festive season will be no different as more and more consumers conveniently receive and send money to their loved ones,” he says.