Namibians urged to pay attention to decline in cheques usage

FNB says on same mission as customers

13 September 2018 | Ekonomie
FNB executive officer: business Johan van der Westhuizen this week said that since cheques convey a written instruction to one’s bank to pay money from or into their bank account, and due to manual functionality in this process, there are substantial disadvantages that go with this option.

Over the years, the growing usage of electronic payment methods, high expenses, inefficient processes and vulnerability to fraud have been key contributors to the global decline in cheques usage, he said.

In addition, cheques do not offer users the convenience and relative security provided by digital payment solutions, according to him.

Van der Westhuizen said that Namibia’s migration away from cheques has mainly been driven by customers embracing the convenience of emerging technology. However, he says, there is a role for all financial institutions to educate customers about alternative payment methods and their added benefits.

He points out the following benefits for using alternative payment methods:

Digital migration - the global community is rapidly going digital, which means acceptance of digital payments is on the increase - customers and businesses are demanding instant and seamless integrated user-experience.

Value-added incentives - financial service providers are increasingly incentivising customers for embracing digital platforms. For instance, FNB rewards individuals with Cash Back paid directly into their linked savings pocket for adopting certain digital banking behaviour.

Save on fees - cheques still carry a higher expense for both the customer and their bank compared to digital payments which can be processed at a fraction of the cost.

Improved safety - Cheque fraud is a global phenomenon and Namibia is not immune, whereas digital platforms are equipped to help clients mitigate fraud at a click of a button.

“In this regard, we have innovations like smart inContact, which allows you to safely approve Online Banking transactions on the FNB Banking App, verify devices that login to your profile, and use secure messaging to immediately report any fraudulent transactions 24/7,” adds van der Westhuizen.

Convenience – as written instruction to your bank to pay money from or into your bank account, the process in which funds move between banks is extended over several days, typically 7 days. Digital payments, which include Electronic Funds Transfer (EFT) and Card payments enable flow of funds to be done much quicker, and with little to no reliance on visiting the nearest branch.

“The universal shift towards digital payments is rapidly emerging across societies and in markets such as the United Kingdom, we’ve seen dedicated working groups tasked with fact-finding around the future of cheques vs digital payments. We are also on the same mission to understand our customers’ needs and how we can help in adopting alternate payment methods,” said van der Westhuizen.

Soortgelyk

 

Kraam buite kliniek - verpleegsters geskors

12 ure gelede | Ministeries

Henriette Lamprecht – Twee verpleegsters wat ‘n hoogswanger vrou by die Okuryangava-kliniek glo weggewys het, is in opdrag van die minister van gesondheid en maatskaplike...

Lewenslank vir Suide-verkragters

12 ure gelede | Howe

Elvira Hattingh en Ronelle Rademeyer - Twee mans wat vroue op Mariental en Tses verkrag en vermoor het, is gister in twee afsonderlike sake vonnisse...

Schlettwein sê oor TIPEEG, FOCAC

12 ure gelede | Regering

Denver Kisting – In die eerste plek is Namibië se ekonomie besig om aan te pas by ’n nuwe pad van groei nadat dit een...

Weer vir 19 September

12 ure gelede | Weer

BINNELAND: Gedeeltelik bewolk en warm in die Suide met enkele buie in die verre Suide. Elders sal baie tot bloedig warm in die Noorde wees.KUS:...

TransNamib op soek na nuwe direksie

12 ure gelede | Vervoer

Catherine Sasman Die ministerie van werke en vervoer het in 'n openbare kennisgewing aangekondig dat nuwe direksielede vir TransNamib gesoek word. Die huidige direksie se...

Esau: Visvangkwotas kan nie verkoop word

12 ure gelede | Ministeries

Leandrea Louw Die minister van visserye en mariene hulpbronne, mnr. Bernard Esau, het gewaarsku visvangkwotas kan nie verkoop word “om vinnig geld te maak nie”....

Help soek na vermistes

12 ure gelede | Misdaad

Tanja BauseDie Namibiese polisie vra die publiek se hulp in die opsporing van twee vermiste mense. Die 14-jarige Niita Fillemon word sedert 19:00 verlede Woensdag...

Grond: Wit boere wíl praat

12 ure gelede | Ministeries

Elvira HattinghDie president van die Namibië Landbou-unie (NLU), mnr. Ryno van der Merwe, sê dit is onwaar dat wit kommersiële boere nie in gesprek tree...

Vrou haal die byt uit veghond

12 ure gelede | Omgewing

Die naam Amerikaanse veghond (pit bull terrier) het al ‘n vloekwoord geword en boesem vrees by die meeste mense in. Geen ander honderas het in...