FNB unveils eWallet eXtra (2024)

FAQs

What is FNB eWallet? ›

Definitions. eWallet service Is a service that enables an FNB customer to create and fund an electronic store of value from an FNB account, which is accessible to a nominated beneficiary who has a valid South African cellphone number via FNB ATMs, FNB Cellphone Banking, the FNB App or FNB Online Banking.

If there are no financial transactions on the Wallet for 6 (six) continuous months, the Wallet will become inactive and incur dormancy fees. FNB will continue to charge this fee until a new financial transaction occurs on the eWallet or the balance on the eWallet is reduced to zero.

What are the advantages of e-wallets? E-wallets offer convenience, security, and speed. They eliminate the need to carry physical cash or cards, provide secure transactions with encryption, and enable quick payments both online and in-store.

An E-Wallet can make secure payments both online and in a physical store without the need to memorize individual passwords. E-Wallets are often used in conjunction with mobile phone payment systems to facilitate fast, easy and secure e-commerce and in-store payments through smartphones.

Mobile wallets focus primarily on the storage and use of payment information, while mobile banking allows users to access and manage their bank account(s) and financial information. Mobile wallets use advanced security features such as tokenization and encryption to protect users' payment information.

eWallet allows RMB Private Bank clients to send money instantly, easily and affordably from anywhere, to anyone with a valid South African cellphone number, even if they don't have an RMB Private Bank account.

For instance, both store your payment info for easy transactions. Coming to a difference, digital wallet apps encompass all forms, while e-wallets specifically hold pre-loaded funds for online purchases, money transfers, and even bill payments.

6) Can I send money to an eWallet from a non-FNB account? Yes. It is possible to electronically transfer money to eWallet from another bank's Online Banking platform.

Can you transfer an eWallet to your bank account? ›

At this time funds can be withdrawn from an eWallet account to your verified bank account. To add a bank account to your eWallet follow these steps: Log in to your eWallet. Click My Account > Bank Accounts.

Easily receive money from cash deposits at any FNB ATM with deposits, from anyone that sends money to your cellphone number or from any bank via transfers.

Security risks for e-wallets and online payments range from weak authentication processes to vulnerabilities within the payment systems themselves. One such risk involves hackers exploiting security gaps to gain access to users' financial information.

Digital wallet apps are primarily used to store money and payment information, whereas banks allow you to manage more financial information across your accounts. On the other hand, bank accounts and mobile banking apps allow you to do more with your money.

At this time funds can be withdrawn from an eWallet account to your verified bank account. To add a bank account to your eWallet follow these steps: Log in to your eWallet. Click My Account > Bank Accounts.