FANews
FANews
RELATED CATEGORIES
Category Banking
SUB CATEGORIES General | 

FNB takes first steps towards making merchant services more mobile

02 October 2012 FNB

First National Bank today announced that it is working towards introducing an exciting new mobile payment device to its merchant services offering in the coming months. The announcement follows the conclusion of an agreement between the bank and mPowa, t

mPowa works by using a free mobile phone app and a reader which connects to a smartphone or mobile device by plugging into its headphone socket or connecting via Bluetooth. It enables companies and individuals to accept card payments from their customers on the go in a quick and convenient way. The mobile app is free to download on iPhone, iPad, Android, Windows and Blackberry devices and functions as the control centre that accepts the payment.

The agreement will involve First National Bank embedding the mPowa tools and software into FNB’s own merchant services, which will enable them to tailor the look and identity of the card service whilst maintaining the sophisticated and patented functionality that mPowa offers.

Dan Wagner, Chairman and CEO of mPowa, said, “We’re delighted to have signed this important deal with First National Bank. It will enable them to mobilise thousands of their business customers which in turn will allow them to be much more flexible in how they do business. In today’s marketplace, nobody wants to be tied down to a fixed location.

Jacques Celliers, CEO of FNB Business Banking said, “We have recognised the need to support our merchants’ desire for mobility and convenience. We will be looking to mPowa to provide us with a robust and secure mobile environment that will appeal to our demanding and techno savvy customers.”

“The South African economy requires an entrepreneurial culture to be incubated and supported from all stakeholders. Thousands of our small business clients are in the services industry and a fixed merchant device is not of much use to them. This new technology promises to allow our customers to accept card payments anywhere, anytime. It could mean the difference between success or failure for many of them,” concludes Celliers.

Example of Chip-and-Pin device and Magnetic-Strip-and-Pin devices


Quick Polls

QUESTION

What is your one-liner for the 2024 National Budget speech?

ANSWER

Creepy failure to adjust income tax, medical tax credits
Overall happy, it should support economic growth
Overall unhappy, soaring public sector wages and broken SOEs suck..
There are too few taxpayers, too many grant recipients.
fanews magazine
FAnews February 2024 Get the latest issue of FAnews

This month's headlines

On the insurance industry’s radar in 2024
Insurers, risk managers unsure of AI’s judgement credentials
Is offshore the place to be in 2024?
Gap claims: erosion of medical benefits, soaring specialist fees
Investments and retirement… is conventional wisdom under threat?
Subscribe now