FNB has revealed its new Virtual Card offering, which will allow customers to create a digital card on its mobile app that they can use for online and physical payments.
The bank announced the new feature at an online launch event on 29 July, stating that it is currently in a pilot phase and would roll out to its customers over the next few months.
FNB Virtual Card will be available for all FNB clients – including credit card, Fusion, debit card, and business debit card customers, the company said.
Customers can create their FNB virtual card from within the FNB mobile app, providing them with a separate digital payment card that has its own card number, CVV, and expiration date.
This means the virtual card can be used for online shopping, subscription services, and more while allowing users to limit their exposure to fraud.
One of the unique features of the card is Dynamic CVV, a tool which changes the card’s CVV number every hour.
This can be very useful for customers who are concerned with fraud being conducted on their credit cards, allowing them to individually ensure their online payments are secure.
The FNB virtual card details are available from within the FNB app, and FNB noted that the expiration date of the virtual card is significantly longer than its physical counterparts.
“The expiry dates for virtual cards are much longer than physical cards, which allow customers to use that same card for longer periods than they currently can with their physical cards,” FNB said.
Tap to Pay – Android vs iOS
FNB said that one of the best features of the FNB virtual card is that customers who use Android smartphones will never need to carry their physical card around again.
“The customer never has the need to carry their physical card around if they are an Android user,” FNB said.
FNB said the Tap to Pay feature of the FNB Android app supports its virtual card, which means that customers do not need to carry their physical card if they are making payments at an NFC-enabled POS terminal.
Scan to Pay, FNB’s QR code payment platform, also supports FNB’s Virtual Card and is compatible with the iOS version of the bank’s mobile app.
“All 3 million FNB and RMB Private Bank App users can conveniently use Virtual Cards for QR code payments via Scan to Pay for a completely contactless digital experience at Point of Sale (POS),” FNB said.
“In addition, the 2.4 million Android App customers with a compatible Android device can also enable their Virtual Card for Tap to Pay on the App for contactless payments convenience.”
“Customers no longer need to rely on a physical card at merchants that have Tap to Pay functionality as they can either use an Android smart device, or an Apple device where the merchant accepts QR Code payments,” the bank said.
FNB virtual cards also support wearable NFC payments.
Multiple cards, security, and eBucks
FNB will allow customers to create and link multiple Virtual Cards to their accounts, giving them far greater control over their exposure to fraud and other risks involved with digital payments.
“FNB and RMB Private Bank customers are able to create and link their Virtual Cards to the transactional accounts they have with us,” said FNB Retail Raj Makanjee.
“Customers have the flexibility to create multiple Virtual Cards for each transactional account to better manage spend.”
FNB Credit Card CEO Chris Labuschagne said the FNB Virtual Card’s security and convenience make it a preferable transaction method for customers.
“Consumers and businesses are adopting convenient ways to shop and pay; therefore, security becomes a critical factor,” Labuschagne said.
“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.”
Customers will have the ability to temporarily block, cancel, or replace their virtual cards within the FNB app.
FNB noted that customers will continue to earn eBucks when they make payments with their virtual cards from within the mobile app.
“Additionally, the Virtual Card can be uploaded and used on various online subscription platforms such as iTunes, Google Play Store, Netflix, Spotify and more,” Labuschagne said.