Advertise with

SA’s most-used mobile money platforms
SA’s most-used mobile money platforms

SA’s most-used mobile money platforms

FMCG SUPPLIER NEWS - Dec 2nd, 09:10

New research finds banking group Absa’s CashSend to be the most popular mobile money system in South Africa. 

This is according to the latest data from Dashboard and World Wide Worx, unveiled this week (26 November 2013), as part of a collective Mobility 2014 study.

The survey questioned 1,200 people, with 9% saying they had used mobile money over the past three months.

More than three in 10 (30.8%) of respondents said they used Absa’s CashSend product, with FNB’s eWallet second most popular (22.4%).

M-Pesa, a joint initiative between Nedbank and Vodacom, and Standard Bank’s Instant Money service had an equal number of respondents (19.6%) who said they had used the product over the past three months.

MTN’s Mobile Money, which was recently relaunched in SA, saw 6.5% of respondents saying they had used the service, with FNB Geopay, and FNB Pay2Cell at 1.9% each.

Absa’s CashSend is a service that is offered to all Absa customers with in excess of R1billion sent via the platform in 2012, the bank said.

MTN’s Mobile Money boasts approximately one million users, and has processed more than R1 billion in transactions since launch.

Nedbank says its M-Pesa service, in conjunction with Vodacom, has 1.2 million registered users.

According to FNB, over 2 million people have received money into FNB eWallets since its launch in October 2009, with more than R4 billion been sent to eWallets in South Africa since inception.

FNB said it had 650,000 banking app users all of whom have the ability to use GeoPayments in addition to the other App transactions and services, adding that its 5 million cellphone banking users all have the ability to use its Pay2Cell service.

Standard Bank, meanwhile, said it has in excess of 2 million customers who use Instant Money.2013 Copyright, BusinessTech. All right reserved  

Related News

South African economic growth “held back”
04/12/2013 - 08:46
The growth of the South African economy was held back and activity slowed in the third quarter of 2013, the SA Reserve Bank said on Tuesday.

Richemont slides on ‘precarious’ comments
04/12/2013 - 08:24
Cape Town - Cie. Financiere Richemont SA, the owner of the Cartier brand, fell the most in more than two months after chairman Johann Rupert said he’s very concerned that the global economy is in a precarious position.

SA yellow maize futures rise to 15-month high
04/12/2013 - 08:15
Johannesburg - South African yellow-corn futures rose to the highest level in more than 15 months in Johannesburg trading.

Pick n Pay’s Zimbabwean partner bullish about prospects
03/12/2013 - 09:35
Harare - John Moxon, the chairman of Zimbabwe’s Meikles Africa, which runs TM Supermarkets jointly with South African grocer Pick n Pay, is bullish about future prospects in the country’s retail industry, saying the company has adopted a robust expansion plan to capitalise on the expected shift for the better in consumer spending patterns.

ShopperTrak: Store traffic up 2.8% on Thanksgiving and Black Friday, United States
03/12/2013 - 09:23
Chicago -- Shoppers visited more stores and spent more money across the days of Thanksgiving Day and Black Friday (Nov. 28 and 29) than they did last year, according to ShopperTrak.