FNB announced it is adding support for QR code payments within its mobile banking app.
The bank said this move makes it the first financial institution in South Africa to integrate QR code payments for both consumers and sole proprietor businesses on a banking app.
Launching this feature within the FNB mobile banking app is helpful to customers, as there is no need to download any additional app, FNB said.
“The ability to make QR code payments offers our customers convenient and secure alternatives to carrying cash,” said FNB Retail CEO Raj Makanjee.
“As pioneers in innovation, we are consistently developing a wider selection of customer centric solutions in digital payments, including solutions such as GeoPay and FNB Pay.”
FNB customers can pay via QR code by accessing the banking app, navigating to FNB Pay, and selecting the Scan to Pay option.
Businesses can begin accepting QR code payments by logging into the app and selecting the Speedpoint option. They will be able to use the service within 24 hours of registering.
Registered business can choose to display the QR Code within the FNB app, email and print the QR code, or share it via social media, and there are no monthly rental or maintenance costs.
The QR code payment feature is powered by Masterpass, Mastercard’s digital payment service.
“We are excited to partner with FNB to further accelerate the adoption of digital payments in South Africa, using Masterpass’ existing QR code infrastructure,” said Mastercard Southern Africa division president Mark Elliott.