FNB Expects 10% eCommerce Transaction Boost on Black Friday

Sourced from Htxt.Africa

FNB says that it is expecting a 10% increase in the total number of eCommerce transactions over Black Friday and Cyber Monday – as many consumers who participate in Black Friday may opt to shop online instead of going into brick and mortar stores.

This is comparable to 2019 where Black Friday weekend transaction volumes on FNB POS (Point of Sale) devices grew by 32% compared to 2018, while eCommerce transactions grew over 30%.

FNB also says that its merchants have also upped their game by investing in their platforms to ensure a seamless sales experience, regardless of the types of devices used by consumers when shopping. One such example is increased support for QR Code payments, where the customer opts to checkout through simply scanning the presented QR Code to pay.

FNB Virtual Credit Card Delayed, Confirms CEO

FNB Card CEO, Chris Labuschagne has revealed that the bank will delay the launch of its virtual credit cards until 2021 – a strategic move that is said to “ensure that the launch process goes as smoothly as possible for its customers”.

“FNB is excited to confirm that it has successfully completed the pilot of its Virtual Card. In order to enable a seamless transition for customers, the Bank has decided to delay the launch of its Virtual Card to 2021,” say Labuschagne in a statement to My Broadband.

“We are excited at the prospect of offering exceptional customer experience and a convenient and safer way to help customers manage money.”

The bank unveiled the virtual credit cards – along with debit cards – earlier this year. Raj Makanjee, FNB Payments Executive says the virtual cards are part of the Bank’s journey to avail convenient and safer solutions via a trusted platform.

Edited by Jenna Delport
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