Growing awareness about safety and convenience
Consumers and businesses are adapting to more convenient and safer ways of paying for goods and services. This is according to FNB, which revealed that since the launch of its Virtual Card in January this year, its individual and business customers have processed over R1 billion in payments using Virtual Cards on the FNB and RMB Private Bank apps.
FNB Payments Executive, Raj Makanjee says, “We’re delighted to see our Retail and Commercial customers leading the adoption of alternative payment methods in South Africa. This momentum is enabled by our continued investment in payments capabilities that empowers both the consumer and business to process safer and convenient transactions. It’s particularly pleasing to note that this substantial value of payments was recorded in just nine months to mid-September 2021 on approximately 500 000 FNB and RMB Private Bank Virtual Cards.”
FNB Card Chief executive, Chris Labuschagne says, “Factors such as Covid-19, safety and convenience play a major part in consumers’ decisions about where to shop and how to pay. This is why we provide a wider choice of payment options for our customers to manage their lives and businesses as they deem necessary. The flexibility of our Virtual Card is such that it can be used for online shopping or at a point of sale in a physical store to minimise contact with surfaces. Virtual Cards are also increasingly preferred by customers who have recurring payments and subscriptions.”
FNB and RMB Private Bank customers can activate and safely store multiple Virtual Cards on their apps. The Virtual Card comes with a dynamic CVV number that changes regularly to minimise the risk of fraud. Customers can use their Virtual Cards for eCommerce purchases, streaming services, subscription payments and QR payments via Scan to Pay on the FNB App. The Virtual Card also now supports usage in Samsung Pay, Apple Pay, Garmin Pay and Fitbit Pay, with support FNB’s own ‘Tap to Pay’ feature to be added soon.