Make payments to anybody in your vicinity no matter who they bank with. First National Bank unveiled its geo payment service, Geo Pay recently. An added feature in the bank’s Smartphone app, Geo Pay allows FNB customers to make payments to anyone close to them who is using a mobile device that is compatible.
Geo Pay allows customers to make payments to customers of other banks, as well. It allows you to find and pay other FNB App users within a 500m radius without having to add their Bank account details. Focusing on person-to-person transactions, Geo Pay is a service that utilises your cellular triangulation, Wi-Fi and/or GPS. There is no need to exchange banking details with anybody, as the service authenticates by means of the application’s existing programming interface. Using Geo Pay, you can make payments from as little as R1, with the limit set at the user’s daily transaction limit, up to R35 000. Geo Pay may be extended to include FNB’s business clients as well, at a later stage in development.
Even without an FNB account, you can enjoy the benefits of Geo Pay, simply download the app and receive payments. Your money will be stored in an e-wallet for up to 30 days and can be withdrawn from any FNB ATM by means of a card-less transaction. A daily limit of R5 000 is set, while users can draw funds from any FNB ATM at a maximum of R3 000 set for each transaction.
An electronic payment, Geo Pay fees are the same as those of other once-off payments. Depending on your monthly package, you can make unlimited free Geo Pay payments.
The app is available to iPhone, Android and BB users.