Financial services group FNB says it continues to invest significantly in creating new platform-based capabilities and solutions to ensure that it stays ahead of changing market dynamics and evolving customer needs.
Given the growing need to accelerate the shift from cash to digital and card payments, coupled with the phenomenal growth of eCommerce, the bank said it is expanding its payments ecosystem with two SME solutions, namely FNB WebStore, and FNB Android Speedpoint device.
The solutions will offer a simple, easy and cost-effective way for businesses in South Africa to accept payments from customers.
FNB CEO, Jacques Celliers, said: “Over the last decade the payments industry has seen a dynamic shift – from the internet and smartphones driving the adoption of mobile payments, end of cheques as a form of payment, to the current pandemic-induced reduction in the transactional usage of cash, as well as the boom in eCommerce.”
“Our payments innovations are in tune with the step-change in digital adoption and preference for contactless methods of transacting among customers, while enhancing efficiency and user experience. FNB aims to innovate in a manner that reduces complexity and offers customers more choice and convenient solutions through its trusted digital platform.
“Therefore, we continue providing payments solutions that are more advanced, safer, and cost-effective for both businesses and individual customers. Our customers and merchants both expect a swift and secure digital experience,” said Celliers.
The lender’s goal involves enabling both the individual end-user and merchants through an integrated ecosystem, said Raj Makanjee, FNB Retail CEO. “This, for example, leads to a seamless shopping experience whether a customer is paying via Virtual Card, EFT, Tap-to-Pay or Scan-to-Pay via FNB Pay, as well as contactless payments which recently surpassed chip and pin payments.”
In the coming months, FNB said it will embark on a phased roll-out of the following solutions:
FNB WebStore will provide businesses with a fully functional eCommerce website. While external developers and Content Management Systems (CMS) help a business to create their website, it can often be a complicated and lengthily process.
As a result, with this solution, businesses don’t need design or development skills, won’t carry any costs of hosting or partner integrations, or spend time on writing basic web content and creating web optimized designs. The merchant will have payment capability as part of the package for credit and debit card transactions in a secure manner.
The websites are built on WordPress and WooCommerce, with designs based on Divi themes and then tailored for the business’ specific needs and wants. The solution is also integrated with a courier service for product deliveries to customers, as well as integration into social media and basic search engine optimisation (SEO) for marketing the site.
FNB Android Speedpoint device
The new FNB Android POS device has been upgraded with innovative technology that merchants need to keep their businesses up to date and running smoother. This device is designed with business’ needs in mind and includes better functionality and usability.
- Full touch screen for more visibility and information displayed
- 4G, GPRS, BT and WIFI enabled ensuring your business is always connected to access remote updates
- Longer battery life for extended use and less charging time needed.