R1bn spent via FNB Pay

Payments made via FNB Pay-enabled digital wallets have now surpassed R1 billion per month, as customers increasingly prefer making contactless payments via their smart devices. The use of FNB Pay-supported digital wallets such as Apple Pay, Samsung Pay, FitBit Pay, Garmin Pay, and FNB Tap & Scan to Pay which can be linked to the FNB Virtual Card, has increased by more than 800% year-on-year in volumes.

Raj Makanjee, CEO of FNB Retail, says: “Smart devices are critical to driving a culture of contactless payments around the world and with the increasing adoption figures that we’ve seen from our customers, we would like to commend them for opting to use these safer payment options. We’ve been expanding the number of third-party digital wallets supported by FNB Pay as part of our efforts to accelerate the adoption of safer and more convenient payment alternatives. The rapid growth in customer adoption complements the use of our more than 10 million contactless physical cards currently in circulation. Similarly, our decision to allow customers the unique ability to link their FNB Virtual Cards to FNB Pay supported wallets offers them more convenience, reward benefits and enhanced security for a seamless payments experience.”

Over 3 million FNB Virtual Cards have been activated since the launch in 2021. Customers who use their FNB Virtual Card to make purchases receive free Purchase Protect coverage for the first 30 days after the purchase.

Chris Labuschagne, CEO of FNB Card, says: “The FNB Virtual Card is more than 40 times less likely to expose customers to the risk of fraud with features like the dynamic CVV number that changes regularly to minimise chances of fraud when transacting. Our Virtual Cards are also increasingly preferred for eCommerce online purchases, subscription payments and QR payments via Scan to Pay on the FNB App.

“As leaders in digital innovation, we embrace the reality that customers want the liberty to choose and switch between various payment options that seamlessly complement their lifestyles. We remain committed to providing helpful digital payment solutions that advance convenience and safety for our customers.”

“Over the years, we have remained at the forefront of digital innovation, while empowering customers with the power of choice. We are delighted with the rate at which our customers continue to embrace our digital payments solutions.”