South Africa bank registers patent for mobile money transfer

South Africa bank registers patent for mobile money transfer

04 SEP 2013

South Africa’s First National Bank (FNB) has registered a patent in its domestic market related to the use of instant messaging for money transfer on a mobile device, according to BusinessTech.

Users of the FNB app, say reports, can send money to a contact (as an instant message) in much the same way they would send a photo.

Funds are sent from (and received to) an FNB eWallet, a service open to non-FNB customers and linked to the mobile number.

FNB says the registration process is easy, requiring only a green bar-coded South African identity book.

The bank’s chief executive, Michael Jordaan, claimed on Twitter that the innovation could be “huge”.

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Ken Wieland

Ken has been part of the MWC Mobile World Daily editorial team for the last three years, and is now contributing regularly to Mobile World Live. He has been a telecoms journalist for over 15 years, which includes eight...More

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