First National Bank (FNB) says its individual and business customers made over R21 billion in digital wallet payments in 2022, signalling a 293% year-on-year increase.
In addition, R13 billion in virtual card payments was processed via four million active virtual cards since launch and has increased by more than 250% since November 2021, it states.
Chris Labuschagne, CEO of FNB Card, says: “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.”
For FNB's head of card digitisation Jason Viljoen, the increase in usage is the result of the customers’ ability to link their virtual cards to FNB-enabled digital wallets.
“In addition to our own FNB tap & scan to pay, our customers can use several digital wallets supported by FNB Pay, these include Apple Pay, Google Wallet, Samsung Pay, Fitbit Pay, Garmin Pay and Swatch Pay. As part of our efforts to facilitate our customers' adoption, we've been increasing the number of third-party digital wallets enabled by FNB Pay.”
“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,” concludes Labuschagne.
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