First National Bank (FNB) says that its customers have shown an impressive adoption of digital payments as the financial institution recorded a whopping R21 billion plus spent by clients using the digital wallet function.
According to FNB, this showed a year-on-year increase of 293%.
In addition, R13 billion in virtual card payments was processed via 4 million active virtual cards since the launch, increasing by more than 250% since November 2021.
Chris Labuschagne, CEO of FNB Card, said: "Individuals and businesses are choosing more convenient payment options, which has contributed to the popularity of payment methods such as our virtual card. Not only is a virtual card the preferred way of payment for online purchases, but it may also be used for contactless payments at the point of sale. We believe there are even more opportunities to ramp up usage among the millions of our individual customers and acceptance by our merchants."
FNB's Head of Card Digitisation, Jason Viljoen, also attributes the increasing usage to customers' ability to link their virtual cards to FNB-enabled digital wallets.
"In addition to our own FNB Tap & Scan to Pay, our customers can use several digital wallets supported by FNB Pay, these include Apple Pay, Google Wallet, Samsung Pay, Fitbit Pay, Garmin Pay and Swatch Pay. As part of our efforts to facilitate our customers' adoption, we've been increasing the number of third-party digital wallets enabled by FNB Pay "Viljoen said.
As the holiday season begins, FNB encouraged customers to continue using convenient and safe payment methods.
Those who prefer using virtual cards for online purchasing can approve purchases through the FNB App.
The FNB Virtual Card contains a dynamic CVV number that changes every hour to limit the risk of fraud during transactions.
FNB also offers complimentary Purchase Protect cover for online purchases made using FNB and RMB Private Bank Virtual Cards to the value to R15 000.
"As leaders in digital innovation, we recognise that customers want the liberty to choose and switch between payment methods. Over the years, we have remained at the forefront of digital innovation while empowering customers with choice. We are delighted with the rate at which our customers continue to embrace our digital payment solutions," Labuschagne further said.
BUSINESS REPORT