During January this year, FNB customers have recorded nearly R140 million in spend via approximately 200 000 Virtual Cards. Activated since the same month, FNB customers are seemingly adopting its Virtual Card feature at a rapid pace. The Virtual Card is available to customers who use the FNB and/or RMB Private Bank Apps.
FNB Payments Executive, Raj Makanjee, says, “The positive response by customers affirms our ability to provide relevant and customer-centric solutions. While the current usage of our Virtual Card is excellent, there is a vast opportunity to widen adoption across our 10 million FNB card holders, coupled with the reality that we have the most digitally savvy customer base with over 6 million digitally active customers.”
CEO of FNB Card, Chris Labuschagne says the popularity of their Virtual Cards is also enabled by a shift in shopping behaviour towards ecommerce during the last 12 months, a trend that has become clear worldwide. Labuschagne says in addition to top spend categories like grocery, home improvement and health/pharmacy, the Bank is starting to see encouraging activity in travel, hospitality and restaurant spend via online and point of sale.
“As sectors reopen, some customers are recovering financially, increasing their ability to spend. The use of a Virtual Card makes it easy for customers to have better control and security of their accounts and transactions. Our customers can create multiple Virtual Cards for spend categories like streaming subscriptions for Netflix, iTunes, Showmax and Spotify as well as pay using QR payments via Scan to Pay on the FNB App, or during check-out for online purchases,” adds Labuschagne.
We’re using this feature and can attest to its effectiveness with security needing to be least of your concerns. Customers can safely and conveniently manage all their cards and related transactional activity on the FNB App, including activation, ordering and replacement, view PIN, report fraud, reduce limits and apply for Credit Card limit increases.
To activate it, FNB and RMB Private Bank customers can do so for free and link it to a debit, credit, or fusion account at no additional cost. And if you are still concerned about security then for an improved and secure experience, you’ll be glad to know that FNB’s Virtual Card has a dynamic Card Verification Value (CVV) security number that changes every hour. The Virtual Card is safely stored on the App and customers can temporarily block, cancel, or replace their Card via the App.
