FNB announced that it will now offer customers the ability to conduct ATM transactions using a “Tap and PIN” method.
This functionality removes the need for customers to insert their card into an ATM, instead allowing them to tap their NFC-compatible bank card and enter their PIN to complete the transaction.
FNB estimates that the “Tap and PIN” feature will reduce the time it takes to make a withdrawal by up to 20 seconds per transaction.
Additionally, this method of interacting with ATMs protects FNB customers from card-skimming devices.
“In the last three years, consumers have processed approximately R1 billion worth of contactless payments from five million transactions on FNB issued credit and debit cards alone,” said FNB Retail CEO Raj Makanjee.
“The frequency of use by consumers has grown by between 100% and 300% on our Credit and Debit cards respectively, highlighting the confidence of our customers in adopting new and secure payment methods.”
He added that 8.5 million FNB customers now have contactless-enabled debit and credit cards.
“Contactless payments offer substantial benefits in an era where consumers and retailers want to avoid long queues,” Makanjee said.
The bank said this functionality is currently available at 100 FNB ATMs, with more set to be upgraded during 2019.