FNB has made its virtual card available to individual and business customers who use the FNB or RMB Private Bank apps. Users are able to load the virtual card onto their FNB or RMB Private Bank profile and link it to a debit, credit or fusion account at no additional cost.
Users have the option to create multiple virtual cards for each transactional account, with no additional cost, to better manage their spend. FNB states the virtual cards will allow customers to shop safely and conveniently.
“The roll-out of our virtual card offers our individual and business customers a wider choice of safer payment methods when shopping online or at a point of sale,” says Raj Makanjee, FNB payments executive. “The distinct differentiators of world-class security and convenience make our virtual card a preferable transactional method for customers to better manage their money. The roll-out affirms our intent to continue leading a new era in payments for both consumers and businesses. Our wide and industry leading choice of safer payment methods is key in encouraging customers to minimise reliance on inefficient payment methods including cash. For retailers, efficiencies in methods of payment can help minimise risks of basket abandonment and reduce queuing times.”
Chris Labuschagne, CEO of FNB Card says: “As consumers and businesses are adopting convenient ways to shop and pay; security becomes a critical factor. 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. 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, and testament to our innovative nature, 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.”
Additionally, users can load their virtual card on trusted websites or Apps for safer and convenient online shopping, as well as wearable devices for contactless payments.
Initially, users will be able to use the virtual cards for ecommerce purchases, streaming services and QR payments via Scan to Pay on the FNB App. In the coming months, the 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.
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