FNB now lets you pay by tapping your phone – but you need an Android device
- First National Bank is launching its own "virtual card", which works very much like a physical bank card.
- It's stored on the FNB app. With the card, Android users can pay at tills by tapping their phone.
- It's also much more secure for online shopping, as the CVV changes every hour.
- It'll be available next month for existing FNB clients, for free.
- For more stories go to www.BusinessInsider.co.za.
First National Bank (FNB) just announced that it is launching its own virtual bank card, which means you can leave you actual bank card at home.
It’s a similar system to that used by Standard Bank, which launched its own virtual card in 2018.
FNB’s version will be available by October, and existing customers can get one for free through the FNB or RMB Private Banking apps.
The cool bit is that customers using Android phones can enable “tap-to-pay” on their FNB app. This means that customers can pay for goods at the till by simply tapping their phone; no physical card is required.
Nedbank also announced its own, very different "tap-to-pay" system last month, in which customers can use their phone at checkout points and tills.
However, the “tap-to-pay” functionality isn’t available for Apple users. Apple fans can still use “scan-to-pay” which scans a QR code, similar to SnapScan.
“We have made significant strides in enabling our customers to use digital payments, even when they shop at a physical point of sale,” said Raj Makanjee, FNB payments executive, in a statement. “We believe that digital payments are a more convenient, secure and cost-effective solution for both the consumer and the merchant.”
Virtual cards are linked to your account, in the same way that your physical bank card is. Apart from leaving your card at home and preventing theft, a big draw is the security for online payments.
Instead of giving the details of your physical card at an online retailer such as Takealot, you can add your virtual card, which is more secure than your bank card.
According to Chris Labuschagne, CEO of FNB Credit Card, “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.
It also reduces the reliance on one-time pins to authenticate transactions. Instead, FNB users will confirm transactions on the app.
(Compiled by Edward-John Bottomley)
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