FNB revealed this week that it has processed over R1 billion in payments using its virtual cards on the FNB and RMB Private Bank applications since the feature launched at the beginning of 2021. At the same time, FNB announced that its virtual cards are now also supported on third-party digital payment wallets, including Samsung Pay, Garmin Pay, and Fitbit Pay.
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“We’re delighted to see our retail and commercial customers leading the adoption of alternative payment methods in South Africa,” said FNB payments executive Raj Makanjee. “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.”
According to Chris Labuschagne, FNB Card Chief Executive, noted that a major reason for the impressive uptake figures include its safety and convenience, but also the impact of the global pandemic.
The new third-party integrations are available without the customer needing to do much. FNB and RMB Private Bank customers can activate and store multiple virtual cards on their apps. The card the uses a dynamic CVV number that changes regularly to minimise the risk of fraudulent transactions. The likes of Samsung Pay, Fitbit Pay, and Garmin Pay have worked with physical FNB cards from some time, but virtual payments could only be made through the bank’s app until now.
“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,” Labuschagne said. “Virtual cards are also increasingly preferred by customers who have recurring payments and subscriptions.”
FNB didn’t mention how many of its customers use the new third-party options available through its virtual cards.
