With the increasing adoption of e-wallets in South Africa, it has become easy to receive and send money electronically. E-wallets like FNB's provide convenience and security, making monetary transactions hassle-free. However, there are instances when we make transactions that we wish to reverse. In this article, we will guide you on how to reverse an e-wallet transaction on FNB in South Africa.
Understanding E-Wallet FNB
FNB's E-Wallet is a digital wallet that allows FNB clients to send and receive money using their mobile phones. The wallet is linked to a client's FNB account, and the balance is determined by the amount of money in their wallet. E-Wallet users can make transactions to other E-Wallet users or bank accounts, and the transactions reflect on the respective accounts within minutes.
The FNB E-Wallet is accessible to anyone registered on the FNB online banking platform, and registration is free. Once you are registered, you can send money using the FNB App, Online Banking, or USSD (*120*321#).
Common Reasons for Reversing an E-Wallet Transaction
There are many reasons why one may need to reverse an e-wallet transaction, and some common examples include:
- Sending money to the wrong recipient
- Sending an incorrect amount of money
- Fraudulent transactions
- Unauthorised transactions
How to Reverse an E-Wallet Transaction on FNB
Reversing an e-wallet transaction on FNB requires the intervention of the recipient. This means that you can only reverse a transaction if the recipient has not withdrawn the funds from their e-wallet. If the recipient has withdrawn the funds, your only option is to request the recipient to return the funds.
Step 1: Contact the Recipient
The first step towards reversing a transaction on FNB's E-Wallet is to contact the recipient as soon as possible. Request them to log in to their E-Wallet account and follow the steps necessary to initiate a reversal of the transaction. The recipient must initiate the reversal process from their E-Wallet account.
Step 2: Wait for the Reversal Process to Complete
Once the recipient initiates the reversal process, the funds will reflect in your E-Wallet account within minutes. The process may take up to 24 hours to complete.
Note: If the recipient refuses to initiate the reversal process, you may have to seek legal assistance to recover your funds.
Conclusion
Reversing an e-wallet transaction on FNB's E-Wallet in South Africa is a simple process that requires the intervention of the recipient. Before initiating any transactions, ensure that you have the correct details of the recipient to avoid making errors. In case of any errors, contact the recipient immediately to initiate the reversal process to recover your funds.
