FNB is launching a first locally when it comes to digital payments, with the bank’s app now capable of facilitating QR code payments from either a consumer or merchant.
This makes FNB the first to do so for sole proprietor business in the country, with the financial institution hoping that all 2.8 million of its banking app users will make the most of the new service.
“We are rapidly expanding our digital payments ecosystem by providing customers with helpful digital payments solutions. The ability to make QR code payments offers our customers convenient and secure alternatives to carrying cash. As pioneers in innovation, we are consistently developing a wider selection of customer centric solutions in digital payments, including solutions such as GeoPay and FNB Pay,” adds Raj Makanjee, FNB Retail CEO.
As for the technology powering this new service, FNB turned to Mastercard to assist.
“We are excited to partner with FNB to further accelerate the adoption of digital payments in South Africa, using Masterpass’ existing QR code infrastructure,” says Mark Elliott, division president at Mastercard Southern Africa.
“It furthers our goal of enabling consumers and businesses to transact anywhere, at any time or place, across any channel or device from a single app on their smartphones,” he adds.
In order to make payments, app users can simply enable the “Scan to Pay” widget on their mobile devices. Should they be looking to add a few more steps to the process, they can also log into the FNB Pay portal of their Payments section in the app, then select “Scan to Pay.”
For business owners, they’ll need to access the Payments area of their app, then click on “Speedpoint”, with the service requiring up to 24 hours to activate. From there, businesses can either generate QR codes via the FNB app, or email and print codes for consumers. There’s also the interesting option of sharing it via social media.
Furthermore this service has no monthly fees attached, which should make it more enticing for cost savvy business owners.