Current trends could go a long way towards combating card-related fraud
The latest FNB insights show that customers and businesses are increasingly finding value in the convenience and safety of virtual cards and digital wallets for day-to-day payments. The bank states that between January 2021 and December 2022, its clients processed approximately R15,3 billion on 3.9 million active virtual cards. An increasing number of its clients also prefer to pay using their smart devices, with contactless device payments accounting for 41.9 million transactions to the rand value of R16.2 billion from July 2022 until December 2022.
“We’re pleased to see more clients using virtual cards via digital Tap and Scan to Pay solutions as these present more convenient and safer ways to pay for consumers and merchants,” says Ashley Saffy, Head of Spend and Customer Value Management at FNB Card. She says the growing adoption is also key to enabling easier ways for individuals and businesses to pay and get paid.
“The current trends could go a long way towards combating card-related fraud, as clients no longer need to rely on physical cards or risk the exposure of sensitive information when making payments. A virtual card is securely stored in your FNB App and has additional layers of security such as the dynamic CVV. Similarly, paying digitally allows both the merchant and the consumer to lessen queuing time in-store and reduces dependency on cash, which is costly to access and manage in addition to safety concerns,” Saffy explains.
Creating a virtual card is both instant and free, with FNB clients able to use them as their preferred payment option for point of sale, online shopping, and regular subscriptions such as Netflix, Spotify, and DStv, among others. Online purchases are secured further by authentication on FNB App, while point-of-sale purchases for higher amounts may require a PIN. The dynamic CVV (Card Verification Value) number is one of the most unique features of the virtual card, as it changes frequently to provide clients with better protection.
The bank has been adding more FNB-enabled digital wallet solutions to help its clients switch to safer and more convenient ways to pay. In addition to its own FNB Tap & Scan to Pay, clients can also use several digital card wallets supported by FNB Pay, and these include Apple Pay, Google Wallet, Samsung Pay, Fitbit Pay, Garmin Pay, and Swatch Pay. Value-added benefits such as earning eBucks for using safer and more convenient payment methods have been key in FNB’s efforts to migrate customers.
In its recent interim results, FNB reported that overall digital logins among its clients exceeded 878 million in the past six months, with the FNB App contributing 603 million logins. The FNB App reached a record high of 103 million logins in October 2022, demonstrating continued success in the bank’s attempts to entrench digital adoption among clients.
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