Since the beginning of the pandemic, FNB has seen consumer spending increase by 70% on services like Netflix and Spotify, among the other big names. In terms of actual money, FNB customers spend over R190 million per month on music and video streamers. But why?
Well, there are a few reasons – with the largest being the eBucks rewards customers are accustomed to. People tend to notice stuff like that, which can only mean those numbers aren’t slowing down anytime soon. Also, it’s considerably easier (and safer) to stream content to a home than it is to go outside. That might have something to do with it too.
First eBucks for petrol, and now this…
FNB likes to give back to its customers. Recently, the company announced a scheme that would see customers earning an extra R2 back for every litre of fuel they bought. Of course, we’re talking about eBucks here – but still. Free money is free money. And if you can save a little here and a little there, it eventually all adds up.
If you’re an FNB customer with a Virtual Card (or Cards — which are free) and you pay for Netflix and Spotify using it/them, you’re also eligible to earn 40% back on your subscription each month. Offering money back on both fuel and entertainment might be partly the reason why the bank is doing so well of late. Even if it is just Netflix and Spotify that are eligible for the eBucks rebate.
Making life simpler
Despite FNB only offering rewards on these two services, FNB sees spending across all streaming platforms shooting up. According to the company, that’s the work of its Virtual Cards. FNB is rather desperate to have you use these more frequently, based on how many rewards hinge on their usage. Funny, that.
“Overall Virtual Card spend on streaming and subscription services has also grown approximately 600% year-on-year. With the creation of Virtual Cards being free on our platform, we see more customers creating separate Virtual Cards dedicated to streaming subscriptions, and this makes it easy for them to track and manage their spend,” said Ashley Saffy, business development head for FNB.
Safety in CVV numbers
There are security benefits as well. FNB has designed its Virtual Cards to change CVV digits on the regular. If you often fret over fraudulent purchases, this put your mind at ease. Even if only slightly.
Read More: How to use FNB’s virtual cards to get an extra R2 per litre of petrol back in eBucks
“While our tools and services have empowered customers with the power of choice, we are equally delighted with the rate at which our customers continue to embrace our digital solutions, complementing their lifestyles,” concludes Ashley Saffy.
