https://www.engineeringnews.co.za
Africa|Efficiency|Services|Solutions
Africa|Efficiency|Services|Solutions
africa|efficiency|services|solutions

South Africa sees a surge in contactless payments via smart devices, says FNB

16th March 2022

By: Creamer Media Reporter

     

Font size: - +

This article has been supplied as a media statement and is not written by Creamer Media. It may be available only for a limited time on this website.

FNB says South African consumers and businesses are increasingly using smart devices to make contactless tap-to-pay payments. According to FNB, its retail and commercial clients processed in excess of R4.2 billion in contactless payments via smart devices in 2021, compared to just R640 million in 2020. The average monthly spend has soared from just R53 million (2020) and R350 million (2021) to nearly a billion (R935 million) in the last 3 months. 

Raj Makanjee, CEO of FNB Retail, says, "The growth validates our belief that digital is central to the future of payments, and we are encouraged by our customers' appetite to embrace digital migration. We believe that digital payments enable consumers, merchants, and providers to improve the efficiency of the payments ecosystem. As a result, we're thrilled to be facilitating this transition by providing our customers with a broader range of industry-leading payment solutions on our digital platform."

The sentiment is echoed by Gordon Little, CEO of FNB Commercial, who says, "Businesses are critical to accelerating the adoption of digital payments by enabling wider acceptance. "This is why we’re equipping our merchants to be able to support and drive such a migration, and we’re pleased with the sustained growth in the rate of digital payments acceptance among our merchants," he says.

Through FNB Pay on the FNB App, the bank supports several digital wallets, including Apple Pay, Samsung Pay, Fitbit, and Garmin, and customers can also link their FNB Virtual Cards to a digital wallet.

The virtual card has a dynamic CVV number that changes on a regular basis to reduce the risk of fraud. Customers can use their virtual cards to pay for online purchases, streaming services, subscriptions, and at the majority of QR code providers via the FNB app's Scan to Pay feature. Furthermore, customers who make purchases with their FNB Virtual Card get free Purchase Protect cover for the first 30 days post purchase, up to R15 000.

In its recent interim results, FNB revealed that its digitally active customers increased to 6.21 million for the six months ending December 2021. FNB customers' digital logins totalled 804 million, with the FNB App contributing nearly 500 million logins in six months.

Edited by Creamer Media Reporter

Comments

Showroom

Showroom image
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 
Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine video image
Magazine round up | 01 March 2024
1st March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.376 0.433s - 162pq - 2rq
Subscribe Now