It is simpler to send money, especially if you are inside a geographical area. This was made feasible via First National Bank’s FNB Geo payment service in South Africa. We’ll show you how FNB Geo payments operate in this guide.
It’s one of the new features in the FNB banking APP, and you may send money to someone without knowing their bank account number as long as you have compatible phones.
You’ve come to the right place if you’re trying to figure out how Geo payment works.
I’ll be focusing on informing you on how this payment is made in this essay.
What Is FNB Geo Payment [Updated for 2022]?
The FNB Geo payment is a method of transferring or sending money to someone in your immediate vicinity in South Africa.
The transfer is made electronically using a cell phone, and no banking recipient information is required.
It is a faster and more secure method of sending money, according to the bank.
It is a new payment system designed just for the purpose of sending money.
Your recipient, on the other hand, should be in your geographic area, so that if the system detects that you are not in the same area, the transfer will be canceled.
What Is FNB Geo Payment and How Does It Work?
If you’re curious about how FNB Geo payment works, keep reading. You must first turn on your cell phone location in order for the transfer to take place.
I’m referring to both the sender and the receiver.
The phones will recognize each other, and they should be compatible.
If the recipient is within a 5-kilometer radius, the FNB Geo payment is made.
FNB Geo payment has no restrictions on who you can transfer money to, as you can send it to both FNB and non-FNB customers.
You can use Geo Pay to find and pay other FNB App users within a 500-meter radius without having to know their bank account information.
It’s a service that focuses on one-to-one transactions and leverages cellular triangulation, Wi-Fi, or GPS to do it.
Because the FNB Geo payment service uses the application’s present programming interface for authentication.
You don’t have to share your banking details with anyone.
Payments with FNB Geo Pay can be made for as little as R1 and as much as R35 000, depending on the user’s daily transaction limit.
Even if you don’t have a FNB account, you may use FNB Geo Pay in South Africa; simply download the app and start receiving payments.
Your funds will be held in an e-wallet for up to 30 days and can be withdrawn from any FNB ATM using a cardless transaction.
Users can withdraw up to R3 000 each transaction from any FNB ATM, with a standard limit of R5 000.
Geo Pay is a one-time electronic payment that costs the same as other one-time payments.
Depending on your monthly package, you can make an infinite number of free Geo Pay payments.
The app is compatible with iPhones, Android phones, and Blackberry devices.