FNB announced on Wednesday it has launched a virtual card for individual and business customers.
The banking group said in a statement that the virtual card will be available by October 2020.
Customers can access the virtual card via the FNB App and the RMB Private Banking App.
Once available, customers can request the card anytime, anywhere at no additional cost.
The virtual card is available to individual customers across Debit, Fusion and Credit Cards and for business customers on Debit Cards.
All 3 million FNB and RMB Private Bank App users can conveniently use Virtual Cards for QR code payments via Scan to Pay for a completely contactless digital experience at Point of Sale (POS).
In addition, the 2.4 million Android App customers with a compatible Android device can also enable their virtual card for Tap to Pay on the App for contactless payments convenience.
Customers no longer need to rely on a physical card at merchants that have Tap to Pay functionality as they can either use an Android smart device, or an Apple device where the merchant accepts QR Code payments.
Raj Makanjee, FNB Payments Executive says the launch of the Virtual Card is part of the Bank’s journey to avail convenient and safer solutions via a trusted platform.
“We have made significant strides in enabling our customers to use digital payments, even when they shop at a physical Point of Sale. We believe that digital payments are a more convenient, secure and cost-effective solution for both the consumer and the merchant,” he says.
Chris Labuschagne, CEO of FNB Credit Card says the distinct differentiators of world-class security and convenience make the bank’s virtual card a preferable transactional method for customers.
Consumers and businesses are adopting convenient ways to shop and pay; therefore, security becomes a critical factor.
“One of the key security features on our virtual card is a dynamic Card Verification Value (CVV) security number that changes every hour to help customers minimise the risk of fraud when shopping online. The virtual card will be safely stored on the App and customers will have the ability to temporarily block, cancel or replace the Card via our App.”
“Our world-class encryption and security features may prompt customers to authenticate a transaction on the App to reduce reliance on OTPs which make customers vulnerable to fraud.”