Look at this technology. Just look at it.

What prevents you from making EFT payments for absolutely everything in your life? It’s the clunkiness of the process. You log on, you enter a ream of details, you wait for  confirmation code, you pay… And the recipient waits two days for their money.

Whereas a cash transaction is instant. Value is transferred seamlessly, hand to hand. There’s no lengthy process, and you don’t have to know all of the other person’s details to complete the transaction.

FNB have upped their game in a big way with GeoPayments. This is what they say.

GeoPayments is available to both FNB and non FNB customers. FNB customers will have the benefit of being able to pay as well as receive payments. Non FNB customers will be able to download the App and receive GeoPayments into an eWallet, which can be created via the App.

FNB App users who use the GeoPayments functionality to pay other FNB App users will be identified to each other, with the payer and recipient ‘pairing’ their devices before a payment is made.

GeoPayments is available on the new version of the FNB Banking App for Apple, Android and BlackBerry devices.

In a nutshell:

Open the app, and select “GEO Payments” in the main menu. Choose whether you want to make a payment, or receive a payment.

In this screenshot, we elected to receive a payment. Because we make it rain. The person making the payment had followed the steps above, and was within 500 metres of us.

RB dropped themoneybomb. This stage of the process took all of 2,5 seconds.

Money received, in an instant, sans cash, sans EFT headache. Fairly mean, non? Oui. Tres mean.

And how incredible is this part? Non FNB customers who wish to receive a GeoPayment can download the FNB Banking App for free from the App stores. Upon download and selecting Geo Payments, once entering their cellphone number, an eWallet (electronic store of funds) will be automatically created for them into which they can receive a GeoPayment. Payments made to the eWallet can be withdrawn as cash.

We tried it out, it worked like a frigging charm.

Slow clap, FNB.