FNB’s drive to continue expanding its digital payments ecosystem through the roll out of its industry leading Virtual Card solution has kicked off with positive momentum as over 100 000 customers activate cards in the first week.
The Bank availed its Virtual Card to individual and business customers who use the FNB and/or RMB Private Bank Apps. The rapid adoption of FNB Virtual Cards by customers bodes well for the Bank’s efforts to expand the offering to its more than 10 million contactless cardholders across retail and commercial.
Raj Makanjee, Payments Executive at FNB says, “We are truly humbled by the overwhelming response from our customers. On average we saw over 14 000 customers activating Virtual Cards daily. FNB remains committed to providing a range of unique and innovative solutions that are centred around true customer and business value. Virtual Card forms an important part of our journey to make the customer payments experience as convenient, safe and secure as possible.”
Customers can immediately load Virtual Cards on their FNB and/or RMB Private Bank profile and link it to a debit, credit or fusion account at no additional cost to shop safely and conveniently. Customers also have the flexibility to create multiple Virtual Cards for each transactional account, or multiple Virtual Cards to better manage spend across merchants. A customer can for instance create a dedicated Virtual Card on their Fusion account for their Netflix subscription and have a dedicated Virtual Card on their Credit Card for online shopping. These are just a couple of examples of the flexibility of the solution. All virtual cards are free of charge.
“What stands out for our customers as they take up the FNB Virtual Card, is the dynamic Card Verification Value (CVV) security number that changes every hour to help them minimise the risk of fraud. The Virtual Card is safely stored on the App and customers can temporarily block, cancel or replace their Card via the App. Our customers can also use the Virtual Card to pay digitally via Scan to Pay, or during check-out for online purchases.
In addition, and testament to our innovative nature, we did not need to create a new store of value for customers to access this functionality as it works on all existing transactional accounts,” says Chris Labuschagne, CEO of FNB Card.
Customers can load their Virtual Card on trusted websites or Apps for safer and convenient online shopping, as well as wearable devices for contactless payments. Initially, customers will be able to use their Virtual Cards for eCommerce purchases, streaming services, subscription payments and QR payments via Scan to Pay on the FNB App. In the coming months, the Virtual Card will also support usage in supported Contactless ‘Tap to Pay’ Digital Wallets. These include but are not limited to FNB Pay and Samsung Pay, ensuring our customers enjoy a complete digital experience.
“We continue to work closely with international platform players and we expect to launch a couple of exciting payment options in the near future,” says Labuschagne.
Main Image: Meme Burn