Astonishing rise in contactless payments in South Africa
of First National Bank customers now tap to pay at the point of sale , marking an extraordinary rise in contactless payments technology since the Covid pandemic struck in 2020.
FNB said on Wednesday that the use of chip-and-Pin payments, where a customer inserts their bank card into a POS terminal, is declining rapidly. “On credit cards and Fusion accounts, card swipes account for less than 1%, while contactless is more than 60% of all transactions,” the bank said. “Consumers have shown a strong preference for contactless payments using their contactless-enabled cards or smart devices,” said FNB Card head of spend and customer value management Ashley Saffy in a statement.
“One of the key reasons is that contactless payments are more convenient and faster than swiping or inserting your card. They also provide a higher level of security, as they use near-field communication technology, which is less vulnerable to fraud than traditional contact-driven payment methods. Additionally, the Covid-19 pandemic accelerated the shift towards contactless payments, as they do not require physical contact between the customer and the POS.
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