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Virtual card spend over R1bn

FNB's individual and business customers have processed over R1bn in payments using virtual cards.
Source: ©everythingpossible
Source: ©everythingpossible 123rf
“This value of payments was recorded in just nine months to mid-September 2021 on approximately 500 000 FNB and RMB Private Bank virtual cards,” says Raj Makanjee, FNB Payments executive.

Consumers and businesses are adapting to more convenient and safer ways of paying for goods and services.

“Factors such as Covid-19, safety and convenience play a major part in consumers’ decisions about where to shop and how to pay, says FNB Card chief executive, Chris Labuschagne.

“The virtual card can be used for online shopping or at a point of sale in a physical store to minimise contact with surfaces. Virtual cards are also increasingly preferred by customers who have recurring payments and subscriptions,” he adds.

Customers can use virtual cards for ecommerce purchases, streaming services, subscription payments and QR payments via Scan to Pay on the FNB App. The virtual card now also supports usage in Samsung Pay, Apple Pay, Garmin Pay and Fitbit Pay, with support FNB’s own ‘Tap to Pay’ feature to be added soon.
Read more: payments, virtual cards

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