ETF Virtual Cards on Third Party Digital Wallets »Stuff
First National Bank (FNB) recently announced its virtual card functionality for customers. Now it is revealed that FNB virtual cards will work through third-party digital payment wallets, including Samsung Pay, Garmin Pay, and Fitbit Pay.
The bank also announced that it has exceeded one billion rand in payments through its virtual card payment system since its launch, which is quite a large number. “It is particularly pleasing to note that this substantial payment value was recorded in just nine months through mid-September 2021 on around 500,000 FNB and RMB private bank virtual cards,” said Raj Makanjee, Payments Manager. of ETFs.
In early August, Apple Pay finally made its way to South Africa and was the first digital wallet to support virtual cards.
Some of the other well-known digital wallets like Samsung Pay, Garmin Pay, and Fitbit Pay have supported physical FNB cards for ages, and users will now be able to load a virtual card instead of the plastic card. This will increase security and limit the possibility of fraud when paying in store or online.
How the FNB virtual card works
A virtual card uses a dynamic CVV (you know, the secret number on the back of your credit card). So that means the CVV will change every hour making it safer.
This is a great option for anyone who is worried about online credit card fraud. When you don’t have a physical card that you can protect by hiding it under your mattress, dynamic CVV is ideal. The expiration date of the virtual card is also longer than that of a physical card, which also increases security.
Tap-to-pay in the FNB app currently lacks virtual card capacity, but the bank assures us that the feature will be available soon.