How does eWallet work

How does eWallet work

South Africa is one of the countries whose technological industry is constantly making advancements. One of the greatest inventions that the country has made is eWallet. If you have not heard about it, you can now know how to use eWallet with these tips.

How does eWallet work
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What is eWallet? eWallet is a prepaid account that allows you to perform transactions, both online and offline, via your computer or smartphone. It works as a fast mode electronic wallet that allows you to perform transactions from the comfort of your home. The key requirement of owning an eWallet account is a South Africa cellphone number via FNB ATMs, FNB Cellphone Banking, FNB Online Banking or FNB App.

How does FNB eWallet work?

Being a fast mode of transaction, eWallet works by allowing a user to send and receive money through their electronic gadgets. The first step of the transaction is for the user to load money into their accounts. The money is debited from the user's account into their eWallet accounts in the form of digital representation. Being in the form of the digital representation means that the money is with the service provider who is responsible for keeping ledgers and records of all the users and their data. Therefore, for any deposits that a user makes, the money is transferred from the user's bank account to the dedicated bank account that the user has chosen. The records of the ledgers are also automatically updated.

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When a user chooses to send money to another eWallet user, there is no actual money transfer from one account to the other. Instead, what happens is that the ledgers are automatically updated to show that a transaction was performed and money was sent from your account to the recipient's account. The recipient receives an SMS after receiving money into the eWallet. That is how convenient eWallet is. These how to do eWallet operation guides will be beneficial for you if you are a new user.

How to send money via eWallet

There are different ways to send money, including:

  • Using your cellphone
  • Using online banking
  • Using the FNB Banking App
  • Using any FNB ATM
How does eWallet work
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Sending money is one of the most basic operations that you can do with eWallet. The operation does not require any form of two-factor authentication. The service is, however, available for anyone with a South African cellphone number. The procedure on how to send eWallet money via cellphone is as simple as:

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  • Dialing *120*321#
  • Selecting the 'Send Money' option and clicking okay
  • Selecting the 'eWallet' option
  • Selecting the account from which you want to send money from
  • Keying in the cellphone number of the recipient, for this case, the user that you want to send money to
  • Entering the amount of money that you want to send
  • Selecting the Yes option to complete the transaction. That option will also authorize the service to send the recipient a PIN that they will require when withdrawing the funds.

The sender will also be required to confirm the details of the recipient and the amount of money that they wish to send. Senders are advised to be cautious when confirming the details of the recipient since they will be liable for any transactions that are wrongly conducted. Now you know how to send eWallet funds.

FNB eWallet withdrawal

How does eWallet work
Image:, @fnbsa
Source: UGC

After you have received funds and wish to withdraw them from your eWallet account, the procedure for doing so is not as complex as it may sound. These are the simple steps to follow on how to withdraw eWallet:

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  • Start by dialing *120*277# for you to access your eWallet.
  • In the list of options that will be displayed, select option 1 to get the PIN. You will receive a unique message sending you the five-digit PIN that will be required when withdrawing the money from the ATM. The PIN will expire after sixteen hours.
  • Visit the nearest FNB ATM within sixteen hours after receiving the five-digit PIN.
  • At the ATM, if you do not have an ATM card, you could opt for the cardless services transaction option.
  • Select the "eWallet Services" on the screen.
  • Enter your valid South African phone number on the keypad and select the "proceed" option.
  • The next dialogue box will require you to enter the five-digit PIN that was sent to you at the beginning of the transaction.
  • Enter the withdrawal amount that you wish to withdraw from your account. The amount should be less than or equal to the amount of funds that you have in your account. The ATM will dispense the amount of money that you have keyed in.
  • Verify that you have completed the transaction before leaving the ATM. In case you do not approve the transaction, you can select the " Cancel" option to stop the transaction.

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Apart from the ATM, a user can withdraw cash from the ATM or withdraw funds from any of the selected retail stores. The procedure is as follows:

  • Start by dialing *120*277# for you to access eWallet.
  • Select option 1 to select the withdraw cash option.
  • From the list of options that will be displayed, select option 1, which is the "Get Retail PIN" option.
  • You can then visit any of these listed retail stores in the country to withdraw the cash;

Umlazi Megacity SPAR

Umlazi TOPS

Randgate SPAR

Randgate TOPS

Thohoyandou SPAR

Thohoyandou TOPS

Limpopo SPAR

Limpopo TOPS

Lighthouse SPAR

Lighthouse TOPS

Northcrest SUPERSPAR


Myezo SPAR

Savoy SPAR

Sutherland Ridge SUPERSPAR

Bray's SPAR

  • At any of the selected retail stores, you will be required to purchase a credit or debit card. This step is mandatory.
  • After purchasing, you will be required to select the "withdraw cash" at checkout option.
  • The following screen will ask you to "withdraw cash from eWallet."
  • You will then be prompted to enter your phone number.
  • The following dialogue box will require you to enter the four-digit PIN that was sent to you as a text message.

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The cashier will then give you the money that you have withdrawn. There is no fee for withdrawing funds from eWallet. You need to, however, check the balance in your account by following the procedure on how to check eWallet balance.

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How long does eWallet last?

When performing a transaction, the PIN that is sent to you in the form of a text message lasts for a maximum of sixteen hours. A user is then advised to complete the transaction as soon as they can to avoid any forms of inconveniences that are likely to arise.

How to request a new pin for eWallet

In case your eWallet PIN expires before you complete your transaction, you can request for another PIN to be sent to you by dialing *120*277#. The new PIN that will be sent to you will enable you to withdraw funds from your account without fail.

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Technology has made the financial market convenient for users. One of the greatest inventions is eWallet, which has made it possible for users to perform transactions with ease. These details on how does eWallet work will come in handy.


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Source: Briefly News

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