Bank taps into new payment system
FNB is one of the first banks that has changed its credit and debit cards to pay ‘on tap’
THE bank says cards issued to customers have been enabled to securely tap at select merchants to pay for purchases, without the cards ever leaving shoppers’ hands.
‘With all our debit and credit cards issued now enabled with contactless technology and a number of additional merchants coming on board, we are expecting to see good growth in contactless transactions,’ said FNB Credit Card CEO, Chris Labuschagne.
‘Payments are around a third faster than normal PIN-based transactions, meaning less time spent in queues. The fact that customers’ card never leave their hand ensures a greater level of security.’
Additional security features include encryption technology which protects the card’s contactless data from reproduction, as well as the fact that customers are required to input their PIN after a number of ‘taps’ to verify the transaction.
Currently PIN-less transactions are limited to under R200 and clients who want to use contactless cards for more than R200 per transaction will be required to ‘tap’ and enter their PIN code.
‘Contactless payments are useful for smaller, everyday purchases, such as a morning coffee or nipping to the shops for bread and milk.
‘These purchases are usually made on the ‘fly’ where quick, painless payment options are very welcome.
‘We are expecting to see much wider adoption as customers become accustomed to the contactless technology and more merchants becoming geared towards these types of payments,’ said Labuschagne.
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