Business

FNB CUSTOMERS MADE OVER R21 BILLION IN DIGITAL WALLET PAYMENTS IN 2022

FNB reveals that its individual and business customers continue to demonstrate impressive adoption of digital payments, with over R21 billion in payments made using FNB Pay-supported digital wallets over the previous 12 months, a year-on-year increase of 293%. In addition, R13 billion in virtual card payments was processed via 4 million active virtual cards since launch and has increased by more than 250% since November 2021.

Chris Labuschagne, CEO of FNB Card, says: “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 explains.

As the holiday season begins, FNB encourages 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. In addition, FNB 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,” concludes Labuschagne.

INFO SUPPLIED.

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