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R21bn paid through FNB digital wallets

Virtual cards saw R13-billion in payments processed via 4-million active cards in the past 12 months.

Over R21-billion in payments were made using FNB Pay-supported digital wallets over the past 12 months – representing a year-on-year increase of 293%.

Virtual cards, launched during 2021, saw R13-billion in payments processed via 4-million active cards. These payments have increased by more than 250% since November 2021.

“Individuals and businesses are choosing more convenient payment options, which has contributed to the popularity of payment methods such as our virtual card,” says Chris Labuschagne, CEO of FNB Card. “Not only is a virtual card the preferred way of payment for online purchases, but it may also be used for contactless payments at the point of sale. We believe there are even more opportunities to ramp up usage among the millions of our individual customers and acceptance by our merchants.”

FNB’s head of card digitisation, Jason Viljoen, says: “In addition to our own FNB Tap & Scan to Pay, our customers can use several digital wallets supported by FNB Pay. These include Apple Pay, Google Wallet, Samsung Pay, Fitbit Pay, Garmin Pay and Swatch Pay.”

FNB says customers should continue using convenient and safe payment methods as the holiday season begins. Those who prefer using virtual cards for online purchasing can approve purchases through the FNB App. The FNB Virtual Card contains a dynamic CVV number that changes every hour to limit the risk of fraud during transactions.

FNB also offers complimentary Purchase Protect cover for online purchases made using FNB and RMB Private Bank Virtual Cards, to the value to R15,000.

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