South Africa’s First National Bank Ltd on Sept. 7 unveiled what it says is the nation’s first service enabling its customers to send funds to one another using only a cell phone number.
The Pay2Cell funds-transfer service is available free of charge to any bank customer that registers for its mobile-banking service, First National said in a press release.
Johannesburg-based First National hopes the service will help it to gain a competitive edge in a market where mobile banking is becoming increasingly popular, the bank said.
To use the service, banking customers will have to first register for online banking with their savings or current accounts, a customer service representative tells PaymentsSource.
The funds are then transferred to the recipient's bank account, he says.
First National currently has about 7 million banking customers; about 3 million are registered for mobile banking, the bank said.
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