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100k virtual cards in 1 week

FNB’s recently launched virtual card has achieved 100k activations in its first week.

FNB’s virtual card solution has launched with over 100,000 customers activating cards in the first week. 

The bank offers its virtual card to individual and business customers who use the FNB and/or RMB Private Bank apps. FNB states that the rapid adoption by customers sets the stage for plans to expand the offering to more than 10-million contactless cardholders across retail and commercial categories. 

“On average we saw over 14,000 customers activating virtual cards daily,” says Raj Makanjee, FNB payments executive. “Virtual Card forms an important part of our journey to make the customer payments experience as convenient, safe and secure as possible.”

Customers can load virtual cards on their FNB and/or RMB Private Bank profile and link it to a debit, credit or fusion account at no additional cost. Multiple virtual cards can be created for each transactional account, or to better manage spend across merchants — having dedicated virtual cards for streaming services and online shopping.

Chris Labuschagne, CEO of FNB card, says: “What stands out for our customers as they take up the FNB virtual card, is the dynamic card verification value (CVV) security number that changes every hour to help them minimise the risk of fraud. The virtual card is safely stored on the app and customers can temporarily block, cancel or replace their card via the app. Our customers can also use the virtual card to pay digitally via Scan to Pay, or during check-out for online purchases.

“In addition, we did not need to create a new store of value for customers to access this functionality as it works on all existing transactional accounts.”

Users can load virtual cards on trusted websites or apps for safer and convenient online shopping, as well as wearable devices for contactless payments.

Customers can use virtual cards for ecommerce purchases, streaming services, subscription payments and QR payments via Scan to Pay on the FNB app. In the coming months, FNB says its virtual card will also support usage in supported contactless Tap-to-Pay digital wallets. These include but are not limited to FNB Pay and Samsung Pay.

“We continue to work closely with international platform players and we expect to launch a couple of exciting payment options in the near future,” says Labuschagne.

Click here to find out more about the virtual card.

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