FNB has announced that its virtual card service is now available to all individual and business customers who use the FNB or RMB Private Bank apps.
This feature can be accessed free within the FNB mobile application for Android and iOS.
“Customers can immediately load the Virtual Card on their FNB and/or RMB Private Bank profile and link it to a debit, credit or fusion account at no additional cost to shop safely and conveniently,” FNB said.
FNB customers are also able to create multiple virtual cards for each transactional account at no extra cost.
“The roll-out of our Virtual Card offers our individual and business customers a wider choice of safer payment methods when shopping online or at a point of sale,” said FNB Payments Executive Raj Makanjee.
“The distinct differentiators of world-class security and convenience make our Virtual Card a preferable transactional method for customers to better manage their money.”
He added that this and other changes are key to minimising customers’ reliance on inefficient payment methods such as cash.
FNB customers can load their virtual card on trusted websites or apps for safer and convenient online shopping, as well as wearable devices for contactless payments.
Initially, FNB said customers will be able to use their virtual cards for ecommerce purchases, streaming services, and QR payments via Scan to Pay on the FNB App.
In the next few months, the Virtual Card will also support usage in supported contactless “Tap to Pay” digital wallets, FNB said.
“These include but are not limited to FNB Pay and Samsung Pay, ensuring our customers enjoy a complete digital experience,” the bank said.
FNB Card CEO Chris Labuschagne said that security is a key factor for FNB’s virtual card service, and one of the main features of this is a dynamic CVV number which changes every hour – greatly minimising the risk of fraud.
“The Virtual Card is safely stored on the App and customers can temporarily block, cancel or replace their Card via the App,” he said.
“Our customers can also use the Virtual Card to pay digitally via Scan to Pay, or during check-out for online purchases.”
“In addition, and testament to our innovative nature, we did not need to create a new store of value for customers to access this functionality as it works on all existing transactional accounts,” Labuschagne added.
FNB noted that nobody will ever be able to view the three important payment details – card number, CVV, and expiry date – at the same time within the app.
The card also supports both domestic and global spending, and users are able to create a virtual card for each subscription or online store they use.