FNB has delayed the launch of its virtual card until 2021, FNB Card CEO Chris Labuschagne has confirmed.
This follows the bank previously telling MyBroadband it planned to launch the service today.
FNB confirmed that the decision to delay the launch of this service is unrelated to the issues faced by its customers over the weekend, where their credit cards were blocked without prior warning.
Instead, Labuschagne said the decision was strategic as the bank’s goal was to ensure that the launch process goes as smoothly as possible for its customers.
“FNB is excited to confirm that it has successfully completed the pilot of its Virtual Card. In order to enable a seamless transition for customers, the Bank has decided to delay the launch of its Virtual Card to 2021,” said Labuschagne.
“We are excited at the prospect of offering exceptional customer experience and a convenient and safer way to help customers manage money.”
How it works
The FNB virtual card will be available at no cost to individual customers who hold debit, credit, and fusion accounts, as well as to business customers who hold debit cards.
“The customer’s Virtual Cards will be safely stored on our App with the ability to temporarily block, cancel or replace the Card via the App,” Labuschagne explained.
The virtual card uses a dynamic Card Verification Value (CVV) security number which changes every hour to minimise the risk of fraud when its customers shop online.
Users are able to create multiple virtual cards and link them to their FNB or RMB Private Bank transactional accounts in order to manage their spending more efficiently.
This allows users to create virtual cards for each subscription service and online store they use, which removes the inconvenience a user would otherwise experience if their physical card were to be compromised.
“FNB App and RMB Private Bank App users with a compatible Android device can enable their Virtual Card for Tap to Pay payments at a physical Point of Sale (PoS),” Labuschagne added.
“The Virtual Card can also be loaded on trusted websites or Apps for online shopping, as well as wearable devices for contactless payments.”
The bank previously said that upon the service’s launch, FNB will send One Time Pins (OTPs) to virtual card users through the FNB App, rather than via SMS.
This is because SMSs are sometimes delayed, or the wrong OTP is received, which causes customer frustration.
In contrast, in-app OTPs will offer a more streamlined and reliable payment process that removes the above frustrations.