FNB, one of South Africa’s big four banks, continues to see a surge in customers using their Virtual Cards with nearly $317-million in spend and approximately 2 million Virtual Cards activated since the launch of the solution last year.
The Virtual Card is available to individual customers across Debit, Fusion and Credit Cards and for business customers on Debit Cards.
“We launched the Virtual Card last year as part of our journey to avail convenient and safer solutions via a trusted platform. We are delighted that our customers have embraced the solution and are getting the benefits, including rewards that come with shopping with their Virtual Cards. The growth validates our belief that digital is central to the future of payments, and we are encouraged by our customers’ appetite to embrace digital migration,” says Raj Makanjee, CEO of FNB Retail.
FNB customers have more reasons to buy items using their Virtual Cards, as the bank is now providing free insurance cover on online purchases made with FNB and RMB Private Bank Virtual Cards. The insurance, aptly named ‘Purchase Protect,’ will cover customers’ purchases for 30 days after purchase, up to $953.73 (R15,000).
Chris Labuschagne, FNB Card CEO says, “The distinct differentiators of world-class security and convenience make FNB’s Virtual Card a preferable transactional method for customers. We are delighted to see our customers driving what we believe to be the future of payments globally. The FNB Virtual Card comes with a dynamic CVV number that changes regularly to minimise the risk of fraud and customers can also use their Virtual Cards for eCommerce purchases, streaming services, subscription payments and QR payments via Scan to Pay on the FNB App”
“Additionally,” Labuschagne says, “our customers can also use their Virtual Cards for contactless ‘Tap to Pay’ transactions in all FNB Pay enabled digital wallets such as FNB’s Tap to Pay and Scan to Pay as well as Apple Pay, Samsung Pay, Fitbit Pay and Garmin Pay.”
FNB wants to remind customers to always keep information such as PINs and passwords safe and to only authenticate transactions they have initiated.