• Over the last 12 months, payments using FNB digital solutions have increased 293 percent.
• The amount spent using virtual cards has also increased 250 percent over the last year.
• FNB says that there are now four million virtual cards on its platform.

Throughout 2020 we saw a sharp increase in the number of digital payment solutions which employed contactless transaction methods.

While many of these solutions existed before a global pandemic had us worried about what we touched, since 2020 they have become more popular.

So popular in fact that FNB has seen a 293 percent increase in the number of transactions completed with a FNB Pay-supported digital wallet. This increase was observed since November 2021.

The bank also notes that since November 2021, payments using a virtual card have increased by 250 percent. In total, R13 billion has been spent using four million virtual cards since the solution’s launch.

“Individuals and businesses are choosing more convenient payment options, which has contributed to the popularity of payment methods such as our virtual card. Not only is a virtual card the preferred way of payment for online purchases, but it may also be used for contactless payments at the point of sale. We believe there are even more opportunities to ramp up usage among the millions of our individual customers and acceptance by our merchants,” explains chief executive officer at FNB Card, Chris Labuschagne said in a statement.

FNB highlights the safety of its virtual card platform as a boon as we head into the holiday season. The virtual card from FNB features an evolving CVV number which changes every hour. This can help prevent fraudulent transactions.

At around this time of year, cybercriminals are lurking through the halls of the internet looking to take advantage of end of year fatigue. By offering alluring deals and catching folks when their guard is down, cybercriminals can cause enormous headaches for businesses and private individuals.

Contactless solutions also address the problem of real-world crime. FNB customers can leave their cards and wallets at home and use their smartphone or wearable to make payments at physical stores.

“As leaders in digital innovation, we recognise that customers want the liberty to choose and switch between payment methods. Over the years, we have remained at the forefront of digital innovation while empowering customers with choice. We are delighted with the rate at which our customers continue to embrace our digital payment solutions,” Labuschagne concludes.