Guide to Using eWallets and Mobile Money in South Africa

South Africans are sending money, paying bills, and shopping with their phones more than ever before. Whether you are splitting a restaurant bill, paying a domestic worker, topping up electricity, or running a small business that needs fast, low-cost payments, eWallets and mobile money can save time and reduce cash risk. This guide explains how eWallets and mobile money work in South Africa, the main options available, how to get started, how fees and limits typically operate, and how to stay safe from fraud. It also includes practical tips for individuals and small businesses.

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What exactly is an eWallet or mobile money?

eWallet is an umbrella term for a digital account you access via a mobile app, USSD code, or website to store value, send and receive money, and pay for goods and services. In South Africa, eWallets appear in a few flavours:

1. Bank “cash-send” wallets
   These allow anyone with a mobile number to receive money, often as a voucher PIN, and withdraw the funds at an ATM or retail till without a bank card. Examples include eWallet from FNB, Instant Money from Standard Bank, CashSend from Absa, Send Money (or Send-iMali) from Nedbank, and Send Cash from Capitec.
2. Telco and “super-app” wallets
   These are mobile-network or app-led wallets that let you store value, pay merchants (often via QR), buy airtime/electricity, and send money domestically. MTN Mobile Money (MoMo) and Vodacom’s VodaPay are the best-known options.
3. Retail and remittance wallets
   Large retailers and money transfer operators offer wallets tied to their cash-in/cash-out networks. Shoprite’s Money Market Account and Mukuru are two widely used choices, especially for cash-based users and remittances.
4. Fintech QR wallets and instant EFT rails
   Apps such as SnapScan and Zapper act as wallets for QR payments. They may let you store cards, initiate instant EFTs, or hold a small balance for faster checkout.
5. Bank-to-bank instant payments (PayShap)
   While not a wallet, PayShap is important context. It enables immediate bank-to-bank transfers using a proxy such as a mobile number. Many banks integrate PayShap alongside their wallets, giving you a cash-free, real-time way to pay people and small businesses.

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Why use an eWallet or mobile money?

• Speed: Money is typically available immediately or within minutes.
• Reach: Recipients do not need a bank account; a mobile number often suffices.
• Cash safety: Less physical cash means lower theft risk.
• Convenience: Top up electricity and airtime, pay bills, and shop online or in-store from one app.
• Budget control: Keep spending money separate from your main bank account.
• Business enablement: Accept QR, request payments, and pay staff or gig workers in seconds.

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The main options in South Africa (overview)

Below is a high-level, non-exhaustive overview of prominent options and what they are generally used for:

• FNB eWallet: Send money to any SA mobile number for cardless withdrawal, spend via app or card (if linked), or pay selected merchants.
• Standard Bank Instant Money: Send cash to mobile numbers for ATM or retailer collection, or spend at participating merchants.
• Absa CashSend: Cardless cash-out at Absa ATMs and selected retailers; used widely for person-to-person transfers.
• Nedbank Send Money / Send-iMali: Send to mobile numbers with cardless withdrawal and retail collection options.
• Capitec Send Cash: Send to a mobile number for collection at participating retailers or ATMs.
• MTN MoMo: A telco wallet for domestic transfers, QR payments, bill pay, and value-added services.
• VodaPay: A “super app” with a wallet for payments, mini-app marketplace, bill pay, and QR.
• Shoprite Money Market Account: Retail-led wallet with cash-in/cash-out at stores and bill-pay features.
• Mukuru: Strong in domestic and cross-border remittances, with a wallet, vouchers, and wide cash-out points.
• SnapScan / Zapper: QR-first apps used for in-store and online payments; function like lightweight wallets.

Tip: Most major banks now support PayShap inside their apps. If both sender and recipient bank with participating banks, PayShap can be the fastest, cheapest route for simple account-to-account transfers using a mobile number.

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How fees and limits typically work

Fees and limits vary by provider and may change, but these patterns are common:

• Sending fee: Banks often charge a flat fee to send cash to a mobile number. Telco and retailer wallets may offer low or promotional fees, especially app-to-app.
• Withdrawal fee: Cashing out at an ATM or retailer till may incur a fee. Some wallets encourage you to spend digitally to avoid withdrawal costs.
• Top-up fee: Cash deposits at retailers or ATMs can attract fees; bank-to-wallet transfers may be cheaper.
• Daily/Monthly limits: Limits depend on your KYC tier. Fully verified users usually get higher limits.
• Voucher expiry: “Cash-send” vouchers often expire if not redeemed within a set period; re-issue rules vary.

Always check the latest fees and limits in the official app before transacting.

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Getting started: step-by-step

1) Bank eWallets (cash-send)

For senders (banked users):

1. Log into your bank app or use USSD if provided.
2. Choose “Send Money” / “eWallet” / “Instant Money” / “CashSend”.
3. Enter the recipient’s mobile number and amount.
4. Set a secure PIN if required and confirm.
5. Share only the collection PIN or code with the recipient, never your app login or OTP.

For recipients (any mobile number):

1. You will receive an SMS with a voucher reference and/or a prompt to set a PIN.
2. Go to a participating ATM or retail till.
3. Choose “Cardless services” or advise the cashier you are collecting a voucher.
4. Enter the voucher details and PIN to receive the cash.
5. Alternatively, link the funds to your bank app if the provider allows in-app spending.

Good to know: If the sender made a typo in your number, the bank may allow a reversal if the funds are uncollected. Act quickly and keep proof.

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2) Telco and super-app wallets (MoMo, VodaPay)

Registration (typical):

1. Download the app or dial the USSD code if offered.
2. Register with your mobile number.
3. Complete KYC: name, ID, and sometimes a selfie or in-person verification.
4. Set a wallet PIN and enable app security (biometrics if available).
5. Add money: bank transfer, card top-up, retail cash-in, or receive from another user.

Using the wallet:

• Send money to a contact or number.
• Pay a merchant by scanning a QR code.
• Buy utilities like electricity, airtime, or data.
• Withdraw cash at participating retailers or ATMs if needed.
• Upgrade your KYC tier to unlock higher limits.

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3) Retail and remittance wallets (Shoprite Money Market, Mukuru)

Registration and cash-in:

1. Sign up in the app, via USSD, or at an in-store kiosk or till.
2. Present your ID if required for KYC.
3. Deposit cash at the till, load via EFT, or receive funds from another wallet user.

Using the wallet:

• Send money to another mobile number or wallet.
• Pay bills and buy electricity or airtime.
• Withdraw cash at store tills or collection points.
• For remittances, select the destination corridor and recipient, follow the prompts, and keep the reference safe.

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4) QR and instant-EFT wallets (SnapScan, Zapper)

Set-up:

1. Download the app and register with your mobile number and email.
2. Link a card or enable instant EFT top-ups.
3. Set a secure app PIN and enable biometrics.

Use:

• Scan QR codes at merchants, websites, or invoices.
• Store receipts in-app for expense tracking.
• Some apps let you hold a small balance for faster checkout.

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Cash-in and cash-out options

• Cash-in: Retail tills (Shoprite/Checkers/Usave, Pick n Pay, Boxer, Spar, etc.), ATMs (cash deposit), EFT from bank, card top-ups, incoming wallet transfers.
• Cash-out: Cardless ATM withdrawals, retail till withdrawals, or spend digitally (QR, online, bill pay).
• Best practice: Use digital spending where possible to avoid withdrawal fees and reduce cash handling risk.

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Security: how to stay safe

1. Protect your SIM and number
   SIM-swap fraud is a real risk. Set SIM-swap alerts with your network and use a number that is seldom shared publicly for high-value wallets.
2. Lock down the app
   Use a strong wallet PIN, enable biometrics, and never share OTPs or authorisation codes. Your bank or wallet provider will never ask for these by phone or WhatsApp.
3. Keep device software up to date
   Update Android/iOS and the wallet app. Avoid rooted/jailbroken devices for financial apps.
4. Beware of social engineering
   Fraudsters impersonate bank agents or couriers. If someone pressures you to act fast, stop and verify via the official app or call centre number listed in the app.
5. Set sensible limits
   If your wallet allows, reduce daily send/withdrawal limits and enable transaction notifications.
6. Use trusted networks
   Avoid using public Wi-Fi for high-value transactions. If you must, use mobile data or a trusted VPN.
7. Treat vouchers like cash
   If you receive a “cash-send” voucher, redeem it promptly. Anyone with the correct PIN and details may withdraw it.

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Disputes, reversals, and expired vouchers

• Wrong number: Contact the sender or the provider immediately. If the funds are uncollected, reversal is often possible.
• Expired voucher: Policies differ. Many providers allow re-issuing a voucher if it has not been claimed.
• Failed or duplicate debits: Keep screenshots and reference numbers; log a dispute in-app and follow up with customer care.
• Merchant disputes: For QR or in-app purchases, your recourse pathway may differ from card chargebacks. Start with the merchant, then escalate via the wallet provider.

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KYC and legal compliance (FICA, POPIA)

South African wallets apply Know-Your-Customer (KYC) and Anti-Money Laundering/Counter-Terrorist Financing rules. Expect the following:

• Tiered accounts: “Lite” or “basic” tiers with minimal KYC have lower limits; “full” accounts require ID and sometimes proof of address and selfie checks, with higher limits.
• Data privacy: Providers must protect your personal information under POPIA.
• Transaction monitoring: Large or unusual transfers may be reviewed; additional information could be requested.

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Everyday use cases (and how to do them well)

1. Paying a friend or family member
   If both of you use a bank app that supports PayShap, it is often the fastest route. Otherwise, send to a mobile number via your bank’s eWallet feature or a telco wallet.
2. Paying domestic staff or casual workers
   eWallets are excellent for unbanked recipients. Send to a mobile number; the recipient can withdraw at a till or ATM without a card.
3. Topping up electricity and airtime
   Telco and super-app wallets usually offer simple, low-fee options. Save favourite meters and numbers to avoid mistakes.
4. Shopping online or in-store
   Use QR (Scan to Pay, Masterpass, SnapScan, Zapper) to check out instantly. Confirm the merchant name on screen before approving.
5. Paying bills
   Many wallets support municipal accounts, TV licences, and other utilities. Use the exact reference number from your bill.
6. Budgeting
   Keep discretionary spending in a wallet separate from your main account. Turn on notifications to track habits.

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For small businesses and side hustles

• Accepting payments: Display a QR code (Scan to Pay, SnapScan, Zapper) to accept multiple wallet types. This reduces cash risk and speeds up checkout.
• Request-to-Pay: Some apps let you send a payment request with the amount and reference, reducing reconciliation headaches.
• Instant settlement: Choose providers with same-day or real-time settlement to improve cash flow.
• Fees: Compare QR merchant discount rates, instant EFT fees, and settlement charges.
• Payouts: If you pay many workers or gig partners, look for batch payout tools or API integrations.
• Record-keeping: Export transactions to CSV, integrate with your accounting system, and label payments for tax compliance.

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How to choose the right wallet

Consider the following checklist:

• Your main need: Cash-out to recipients without bank accounts, or fully digital spend?
• Fees: Sending, withdrawal, cash deposit, and merchant acceptance costs.
• Limits: Daily and monthly caps based on your KYC tier.
• Coverage: Are your recipients near participating ATMs/retailers?
• Speed and reliability: Real-time delivery, low downtime, responsive support.
• Features: QR pay, bill pay, electricity, request-to-pay, international remittances.
• Security controls: PIN, biometrics, device binding, transaction alerts.
• Ecosystem: Does it work nicely with PayShap, your bank, and your favourite shopping apps?

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Cost-saving tips

• Spend digitally instead of cashing out to avoid withdrawal fees.
• Use PayShap for account-to-account transfers when both parties are banked.
• Top up via EFT rather than cash deposit where possible.
• Consolidate wallets: Fewer wallets may mean fewer monthly or top-up fees.
• Verify numbers carefully to avoid reversal charges or lost funds.

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Troubleshooting common issues

• No SMS voucher received: Check network coverage, confirm the sender’s number entry, and verify your phone’s blocked senders list.
• Incorrect PIN: Use the official reset path in-app or USSD; never accept help from unsolicited messages.
• ATM or till errors: Try a different ATM or store, or wait and attempt again. Keep the error slip and screenshots for support.
• App crashes or freezes: Update the app, clear cache, or reinstall. Ensure your OS is up to date.
• Duplicate transaction: Take screenshots and reference numbers, and log a dispute immediately.

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Frequently asked questions

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The bottom line

eWallets and mobile money give South Africans fast, flexible, and increasingly low-cost ways to move money, pay bills, and accept payments without relying on cash. The best option for you depends on your needs: effortless cash-out for unbanked recipients, all-digital QR payments, or instant bank-to-bank transfers with PayShap. Start with your primary bank or mobile network’s app, complete KYC to unlock higher limits, follow the security practices in this guide, and keep an eye on fees. Used wisely, eWallets can simplify your financial life and help your small business get paid faster.