FNB virtual card launches on Samsung Pay and other digital wallets

FNB has announced its virtual cards are now supported on third-party digital payment wallets, including Samsung Pay, Garmin Pay, and Fitbit Pay.

In a statement on Monday, the bank revealed it had processed over R1 billion in payments using virtual cards on the FNB and RMB Private Bank apps since launching the feature in January 2021.

“We’re delighted to see our retail and commercial customers leading the adoption of alternative payment methods in South Africa,” said FNB payments executive Raj Makanjee.

“It’s particularly pleasing to note that this substantial value of payments was recorded in just nine months to mid-September 2021 on approximately 500,000 FNB and RMB Private Bank Virtual Cards.”

FNB card chief executive, Chris Labuschagne, said factors that played a significant part in the swift adoption included Covid-19, safety, and convenience.

“The flexibility of our virtual card is such that it can be used for online shopping or at a point of sale in a physical store to minimise contact with surfaces,” Labuschagne said.

“Virtual cards are also increasingly preferred by customers who have recurring payments and subscriptions,” Labuschagne added.

FNB and RMB Private Bank customers can activate and store multiple virtual cards on their apps.

The card uses a dynamic CVV number that changes regularly to minimise fraud risks.

Although Samsung Pay, Fitbit Pay, and Garmin Pay have supported physical FNB credit cards for a few years, virtual card payments could initially only be performed through FNB’s app.

Apple Pay, the latest digital payment wallet with support for FNB cards, was the first to have virtual card support from launch.

FNB said its own app’s Tap to Pay feature will also be able to use virtual cards soon.

Now read: South Africa is going cashless

Latest news

Partner Content

Show comments

Recommended

Share this article
FNB virtual card launches on Samsung Pay and other digital wallets