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FNB Launches 2 New Digital Payment Solutions for SMEs

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Luis Monzon
Luis Monzon
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FNB South Africa, one of the country’s top lenders, has announced today the launch of two new digital payment solutions for small-to-medium enterprises (SMEs).

According to a statement from FNB, the growing need to accelerate the shift from cash to digital and card payments, coupled with the growth of eCommerce across Africa, the bank has expanded its payments ecosystem with two new SME solutions: FNB WebStore and FNB Android Speedpoint device.

“The solutions will offer a simple, easy and cost-effective way for businesses in South Africa to accept payments from customers,” says FNB.

“Over the last decade the payments industry has seen a dynamic shift – from the internet and smartphones driving the adoption of mobile payments, end of cheques as a form of payment, to the current pandemic-induced reduction in the transactional usage of cash, as well as the boom in eCommerce,” says FNB CEO, Jacques Celliers.

“Our payments innovations are in tune with the step-change in digital adoption and preference for contactless methods of transacting among customers while enhancing efficiency and user experience. FNB aims to innovate in a manner that reduces complexity and offers customers more choice and convenient solutions through its trusted digital platform. Therefore, we continue providing payments solutions that are more advanced, safer, and cost-effective for both businesses and individual customers. Our customers and merchants both expect a swift and secure digital experience,” adds Celliers.

“As part of our journey, our goal involves enabling both the individual end-user and merchants through an integrated ecosystem. This, for example, leads to a seamless shopping experience whether a customer is paying via Virtual Card, EFT, Tap-to-Pay or Scan-to-Pay via FNB Pay, as well as contactless payments which recently surpassed chip and pin payments. We are excited to continue leading the future of payments in our markets and will continue to invest into our digital platform for a contextual and frictionless experience,” says Raj Makanjee, FNB Retail CEO.

In the coming months, FNB says the rollout of both the new solutions will be taken in a phased approach:

FNB WebStore

The FNB WebStore will provide businesses with a fully functional eCommerce website.

While external developers and Content Management Systems (CMS) help a business to create its website, it can often be a complicated and lengthy process.

As a result, the bank says that with FNB WebStore, businesses don’t need design or development skills, won’t carry any costs of hosting or partner integrations, or spend time on writing basic web content and creating web-optimized designs. The merchant will have payment capability as part of the package for credit and debit card transactions in a secure manner.

The websites are built on industry-leading platforms, WordPress and WooCommerce, with designs based on Divi themes and then tailored for the business’s specific needs and desires.  The solution is also integrated with a courier service for product deliveries to customers, as well as integration into social media and basic search engine optimisation (SEO) for marketing the site.

FNB Android Speedpoint Device 

The new affordable FNB Android POS device has been upgraded with innovative technology that merchants need to keep their businesses up to date and running smoothly. This device is designed with business needs in mind and includes better functionality and usability.

Additional benefits:

  • Full touch screen for more visibility and information displayed.
  • 4G, GPRS, BT and WIFI enabled ensuring your business is always connected to access remote updates.
  • Longer battery life for extended use and less charging time needed.

Edited by Luis Monzon
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