Payments made via FNB Pay enabled digital wallets have now surpassed R1 billion a month, as customers increasingly prefer making contactless payments via their smart devices.
The use of FNB Pay supported digital wallets such as Apple Pay, Samsung Pay, FitBit Pay, Garmin Pay, and FNB Tap & Scan to Pay, which can be linked to the FNB Virtual Card, has increased by more than 800% year-on-year in volumes.
Raj Makanjee, the CEO of FNB Retail, said: “Smart devices are critical to driving a culture of contactless payments around the world and with the increasing adoption figures that we’ve seen from our customers, we would like to commend them for opting to use these safer payment options.
“We've been expanding the number of third-party digital wallets supported by FNB Pay as part of our efforts to accelerate the adoption of safer and convenient payment alternatives. The rapid growth in customer adoption complements the use of our more than 10 million contactless physical cards currently in circulation.”
Over 3 million FNB Virtual Cards have been activated since the launch in 2021. Customers who use their FNB Virtual Card to make purchases receive freePurchase Protect coverage for the first 30 days after the purchase.
BUSINESS REPORT