The FNB Virtual Card solution has proved incredibly popular since its launch back in January.

Since launch FNB says that it has processed over R1 billion in payments using Virtual Cards in FNB and RMB Private bank apps.

“We’re delighted to see our Retail and Commercial customers leading the adoption of alternative payment methods in South Africa. This momentum is enabled by our continued investment in payments capabilities that empowers both the consumer and business to process safer and convenient transactions,” says FNB Payments executive, Raj Makanjee.

FNB’s Virtual Card solution is incredibly useful and provides an extra layer of security for those shopping online. For example, you can create a Virtual Card specifically for streaming subscriptions. Should that card number be compromised, the CVV number linked to the card changes constantly rendering it useless to whoever stole the credentials. Of course, you can use Virtual Cards for contactless payments in stores.

Virtual Cards are free and you can create as many as you want.

What we find rather impressive is that the R1 billion spend was achieved with just 500 000 FNB and RMB Private Bank Virtual Cards.

FNB goes on to say that the preference for contactless payments during the COVID-19 helped grow the popularity of Virtual Cards.

“Factors such as Covid-19, safety and convenience play a major part in consumers’ decisions about where to shop and how to pay. This is why we provide a wider choice of payment options for our customers to manage their lives and businesses as they deem necessary. The flexibility of our Virtual Card is such that it can be used for online shopping or at a point of sale in a physical store to minimise contact with surfaces. Virtual Cards are also increasingly preferred by customers who have recurring payments and subscription,” says chief executive officer for FNB Card, Chris Labuschagne.

Virtual Cards also support Samsung Pay, Apple Pay, Garmin Pay and Fitbit Pay. FNB’s Tap to Pay feature will be supported soon.