Bank cards a valuable commodity to keep on your person but that also makes them big targets for theft. Also, easily lost commodities. Fortunately for FNB customers, all customers can now obtain a virtual card to make life a little easier.
Both individual and business customers can now load the Virtual Card onto their FNB and/or RMB Private Bank profile. The actual program was launched last year but limited to select customers; now everyone can try it out! This card can then be tied to a debit, credit or fusion account — very handy for folks with multiple accounts.
This virtual card can then be loaded onto online profiles for trusted apps and websites to speed up the transaction process when shopping over the internet. If you’re feeling extra fancy, you can even load your Virtual Card onto your smartwatch for contactless payment, something we think is about to become way more popular in 2021.
Virtual card, virtually less stress
The addition of a virtual card to FNB’s roster of service is a nice benefit for those already with the bank. Speaking to the launch, Raj Makanjee, FNB Payments Executive said, “The roll-out of our Virtual Card offers our individual and business customers a wider choice of safer payment methods when shopping online or at a point of sale. The distinct differentiators of world-class security and convenience make our Virtual Card a preferable transactional method for customers to better manage their money.”
Makanjee continued on to say, “The roll-out affirms our intent to continue leading a new era in payments for both consumers and businesses. Our wide and industry leading choice of safer payment methods is key in encouraging customers to minimise reliance on inefficient payment methods including cash.”
While this tech has been available in South Africa for some time now, it’s a solid move on FNB’s part. The bank is already known for having one of the best banking apps in the country (if you ask us), so the introduction of this new services works cohesively with that system. Still, security is always one of the first questions we ask about when it comes to taking money and banking to an exclusively online space.
Chris Labuschagne, CEO of FNB Card said, “As consumers and businesses are adopting convenient ways to shop and pay; security becomes a critical factor. One of the key security features on our Virtual Card is a dynamic Card Verification Value (CVV) security number that changes every hour to help customers minimise the risk of fraud. The Virtual Card is safely stored on the App and customers can temporarily block, cancel or replace their Card via the App.”
A neat touch indeed. If this sounds appealing and you happen to bank with Capitec, then we have good news for you: It also launched a virtual card late last year.