It would send you a one-time random code that you could enter at any ATM, along with your and the sender's phone numbers and the known amount (which would not be in the SMS you got as the receiver).
The sender would have to sms a service number like "3434" with the receiver phone number, the amount, and a special pre-determined pin. Whenever the amount was sent and accepted, the sender got confirmation SMSes, so they could notice and contest this in the off chance of fraud. Also, there was a daily limit to the amount that could be sent this way, only increasable online or over the phone after identity checks.
All in all, not bad. Could be abused under very lucky circumstances (eg. phone got stolen and was storing sent SMSes, which was not the default during those days when phone memory was limited. And then the thief would have to get another stolen phone to retrieve the money so as to not give out their identity, and would have to do so under a security camera'd ATM), but not a super high chance and no super high risk.
This saved me tons of times when I would have been stranded as a teenager but managed to call my parents. Or, later on, when I had my phone but had misplaced my card.
I mean I don't use a prepaid card but I think it is awesome! As a student this is a great option!
I hope we see more of this kind of rule breaking things from around the world. Sometimes it feels like the people in the world are getting more and more afraid of change which breaks "common rules". Money transferring is one such crazy issue.
When it comes to banking, I prefer to stay away from the cutting edge.
Either way, it's cool seeing kids withdraw cash from ATMs by typing in their SMS PIN numbers. Kind of makes you feel young, and old.
As an aside, FNB was recently given the Most Innovative Bank of 2012 award at the BAI-Finacle Global Banking Innovation Awards in DC. It's pay-off for a big investment they've made over the past few years to adopt new technology and mediums for banking. [0]
A friend and former colleague works there, so I'm pleased to see them doing well.
[0]https://www.fnb.co.za/news/archive/2012/20121010FNBsDNA.html
