This morning, FNB announced a new Virtual Card coming to FNB customers in October. This will allow customers to create a digital card on the existing FNB app which can be used for online, and even physical payments.
All existing FNB clients that have a credit card, Fusion account, debit card or a business debit card will have access to the Virtual Card. All they’ll have to do is go to the FNB mobile app and sign up for a virtual card. Easy, right?
Pay as you go
This works in a similar way to Samsung Pay and Apple Pay, the latter of which isn’t available in SA yet. But Samsung Pay is, and we’ve got a detailed description of how it works here. Basically, a virtual card like this makes use of a dynamic CVV (you know, the secret number at the back of your credit card). So what this means, is that the CVV will change every hour, which makes it more secure.
Essentially, this is a great option for anyone who is concerned about credit card fraud online. When you don’t have a physical card that you can protect by hiding it under your mattress, a dynamic CVV is ideal. The virtual card’s expiration date is also longer than a physical card, which is a plus.
Tap-to-pay is also a feature here, which will allow users to tap with an Android device or any other device with tap-to-pay capability. Scan to Pay, FNB’s QR code payment platform, is also supported by FNB’s Virtual Card — this will work with the iOS version of the mobile app.