South African bank FNB, is expanding its digital payments ecosystem by launching a Virtual Card for individual and business customers.
The Virtual Card is available to individual customers across Debit, Fusion and Credit Cards and for business customers on Debit Cards.
Scheduled to be available by October 2020, customers will access the Virtual Card via the FNB App and the RMB Private Banking App. Once available, customers can request the card anytime, anywhere at no additional cost.
Users can conveniently use Virtual Cards for QR code payments via Scan to Pay for a completely contactless digital experience at Point of Sale (POS).
“Customers are able to create and link their Virtual Cards to the transactional accounts they have with us and will have the flexibility to create multiple Virtual Cards for each transactional account to better manage spend” said the banks’s Payments ExecutiveRaj Makanjee. “They can also use the virtual card to pay digitally via scan to pay, tap to pay or during check-out for online purchases. Our Virtual Card can be loaded on trusted websites or Apps for online shopping, as well as wearable devices for contactless payments”.
The 24 million Android App customers with a compatible Android device can also enable their Virtual Card for Tap to Pay on the App for contactless payments convenience. Customers no longer need to rely on a physical card at merchants that have Tap to Pay functionality as they can either use an Android smart device, or an Apple device where the merchant accepts QR Code payments.
Also commenting on the launch, Chris Labuschagne, CEO of FNB Credit Card said “The distinct differentiators of world-class security and convenience make the bank’s Virtual Card a preferable transactional method as customers and businesses are adopting convenient ways to shop and pay.”
“One of the key security features on our Virtual Card is a dynamic Card Verification Value (CVV) security number that changes every hour to help customers minimise the risk of fraud when shopping online. The Virtual Card will be safely stored on the App and customers will have the ability to temporarily block, cancel or replace the Card via our App” added Labuschagne.
With all the security and convenience features, the bank encourages customers to use trusted platforms when shopping online. Customers are reminded to always keep information such as PINs and passwords safe and to only authenticate transactions they have initiated.
According to Makanjee, the launch of the Virtual Card is part of the bank’s journey to avail convenient and safer solutions via a trusted platform and he believes that digital payments are a more convenient, secure and cost-effective solution for both the consumer and the merchant.