FNB has announced that it is growing its contactless ecosystem by becoming the first bank in South Africa to offer consumers ‘Tap and PIN’ on ATM transactions.
The feature allows consumers to safely tap their contactless card on the contactless reader of an eligible FNB ATM and enter a PIN to complete the transaction without having to insert their bank card.
This functionality is currently available across 100 FNB ATMs and more will be upgraded during 2019, the bank said.
FNB estimates that ATM ‘Tap and PIN’ will reduce the time it takes to make a withdrawal by up to 20 seconds per transaction. In addition to the convenience, FNB customers will also enjoy further protection against card skimming devices by not having to insert their card for a withdrawal, it said.
The CEO of FNB Retail, Raj Makanjee said that this is a major step in the bank’s plans to continuously improve the convenience and safety of its banking ecosystem.
“In the last three years, consumers have processed approximately R1 billion worth of contactless payments from 5 million transactions on FNB issued credit and debit cards alone,” said Makanjee
“The frequency of use by consumers has grown by between 100% and 300% on our credit and debit cards respectively, highlighting the confidence of our customers in adopting new and secure payment methods. Having started issuing contactless cards three years ago, we now have over 8.5 million contactless-enabled debit and credit cards in the hands of consumers.”
Consumers’ appetite for contactless payments is equally reflected in FNB’s digital payments stream which includes FNB Pay on the FNB App as well as FitBit Pay and Garmin Pay.
FNB Pay processes an average of 700 contactless transactions per day while more than R1.5 million worth of contactless transactions were processed on FitBit Pay and Garmin Pay in the last two months.
“Contactless payments offer substantial benefits in an era where consumers and retailers want to avoid long queues. From an FNB point of view, we are creating an enabling ecosystem for retailers to match consumer appetite by improving the contactless acceptance footprint in the Retail environment,” said Makanjee.