Product of the Day
FNB unveils virtual cards
In October, FNB customers can create and delete virtual cards on-the-fly for use online, which can give customers peace of mind when online stores are compromised.
FNB is expanding its digital payments ecosystem by launching a virtual card for individual and business customers. The virtual card will be available to individual customers across debit, fusion, and credit cards and for business customers on debit cards.
The virtual card will be available by October 2020 and customers can access it via the FNB App and the RMB Private Banking App. Once available, customers can request the card anytime, anywhere at no additional cost.
FNB payments executive Raj Makanjee says the launch of the virtual card is part of the bank’s journey to avail convenient and safer solutions via a trusted platform. “We have made significant strides in enabling our customers to use digital payments, even when they shop at a physical Point of Sale. We believe that digital payments are a more convenient, secure and cost-effective solution for both the consumer and the merchant.
“FNB and RMB Private Bank customers are able to create and link their virtual cards to the transactional accounts they have with us. Customers have the flexibility to create multiple virtual cards for each transactional account to better manage spend. They can also use the virtual card to pay digitally via Scan to Pay, Tap to Pay or during check-out for online purchases. Our virtual card can be loaded on trusted websites or Apps for online shopping, as well as wearable devices for contactless payments.”
Chris Labuschagne, CEO of FNB credit card says, “One of the key security features on our virtual card is a dynamic Card Verification Value (CVV) security number that changes every hour to help customers minimise the risk of fraud when shopping online. The virtual card will be safely stored on the App and customers will have the ability to temporarily block, cancel or replace the Card via our App.
“Spending via virtual cards will provide customers with the eBucks rewards earn they have become accustomed to. Additionally, the virtual card can be uploaded and used on various online subscription platforms such as iTunes, Google Play Store, Netflix, and Spotify. The expiry date is also 2 years longer than a physical card which allows the customer to keep using the card without being worried about an expiry period.”
Along with all the security and convenience features, the bank encourages customers to use trusted platforms when shopping online. Customers are reminded to always keep information like PINs and passwords safe and to only authenticate transactions they have initiated.
