FNB wants you to ditch your physical cards via TheCitizen_News
FNB will roll out virtual card functionality to its entire customer base across credit cards, debit cards, fusion cards and business debit cards by October – before the peak annual shopping season, which starts with Black Friday in November.
FNB customers can create as many of these virtual cards in the FNB app as they like. These cards, linked to their existing accounts, do not attract any additional charges. Customers will be able to block, cancel or replace cards from within the app. Virtual card e-commerce transactions will be approved in the app itself. This avoids potential problems during high-volume periods with delayed one-time PINs. All banks are highly reliant on the mobile operators for these messages, and FNB believes Smart inContact is a more elegant solution over which it has control.
A further benefit of the virtual cards is that instead of needing to cancel a customer’s full physical card after a fraud event, the two worlds are “divorced”, and a new virtual card can be issued without worrying about the physical card . “This elevates the convenience factor tenfold,” says Nsibande. Customers could, for example, create a virtual card for all their online purchases and another for in-store transactions.
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