FNB is launching a new virtual card for individual and business customers.
The card will officially launch in October 2020 and will be available to individual customers across debit, fusion and credit cards and for business customers on debit cards, the bank said.
Customers will be able to access the card via he FNB App and the RMB Private Banking App.
“FNB and RMB Private Bank customers are able to create and link their cirtual cards to the transactional accounts they have with us,” said Raj Makanjee, FNB Payments executive.
“Customers have the flexibility to create multiple virtual cards for each transactional account to better manage spend.
“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.”
FNB said that its app users can use the virtual cards for QR code payments via scan to pay for a completely contactless digital experience at point of sale (POS).
“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,” FNB said.
Chris Labuschagne, chief executive of FNB Credit Card, said that the card also includes a number of safety features.
“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.”
Labuschagne said that encryption and security features may prompt customers to authenticate a transaction on the app to reduce reliance on OTPs which make customers vulnerable to fraud.
He added that spending via virtual cards will provide customers with the eBucks rewards.
“Additionally, the virtual card can be uploaded and used on various online subscription platforms such as iTunes, Google play store, Netflix, Spotify and more.
“The expiry date is also longer than a physical card which allows the customer to keep using the card without being worried about an expiry period,” said Labuschagne.