Tech giant Samsung has reported its lowest quarterly profit in eight years this week an indicator to the weakened global economy to hit PC…
FNB has announced it has processed over R1 billion in payments from customers using its Virtual Card on the FNB and RMB Private Bank apps.
The announcement comes less than eight months after the bank first introduced the payment method.
“We’re delighted to see our Retail and Commercial customers leading the adoption of alternative payment methods in South Africa,” Payments Executive, Raj Makanjee said in a statement.
“This momentum is enabled by our continued investment in payments capabilities that empowers both the consumer and business to process safer and convenient transactions.”
What is an FNB Virtual Card?
FNB first launched its virtual card in January 2021.
The method lets the bank’s customers make contactless payments using the FNB app.
You can create as many cards as you want for free and use them for debit, credit, and Fusion accounts. You can also temporarily block, cancel, or replace cards in the bank’s app.
Customers can use the card for online shopping, subscriptions, and QR code payments.
They can also use their cards with Samsung Pay, Apple Pay, Garmin Pay, and Fitbit Pay.
The virtual card features a CVV security number that changes every hour. This reduces the risk of fraud and credential theft.
According to FNB, payments made since the launch date came from approximately 500 000 FNB and RMB virtual cards.
Card Chief Executive, Chris Labuschagne said factors such as the COVID-19 pandemic and safety contributed to the increased usage of contactless payment methods.
“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,” he explained.
“Virtual Cards are also increasingly preferred by customers who have recurring payments and subscriptions.”
FNB also plans to introduce a ‘Tap to Pay’ feature to the card soon.
The feature will let customers tap their phone at purchase points the same way they would ordinarily tap a bank card.
Featured image: Memeburn