HomeServicesFNB Records Great Surge in the Use of Digital Payment Solutions in...

FNB Records Great Surge in the Use of Digital Payment Solutions in South Africa

Jumia Black Friday Deals

Earlier this year, a lot of retail merchants began to adopt flexible means of receiving payments in South Africa. The increasing rate at which merchants are allowing their customers to pay digitally at the point of sale has sky-rocketed the growth of digital payment solutions in the country.

According to FNB, the Scan-to-Pay and Tap-to-Pay feature on its mobile banking app recorded the highest month-to-month usage since it launched in August 2020.

The financial institution mentions that the Scan-to-Pay function, which allows to make payments by simply scanning a QR code, surged by 36% in August and the value increased by 39%.

In like manner, the Tap-to-Pay function, which allows the user the make payment by simply tapping on their smartphone at the point of purchase, grew by 48% and the value increased by 54%.

Also, the firm recorded a consistent increase in the usage of the FNB app. Against the documented data for the last financial year, the bank experienced a 28% increase in app volume usage this year.

The firm states that the increase in usage of these functions is in line with the mindset of customers, which is rapidly shifting towards contactless payments. They have come to realize the safety, convenience, and security benefits related to digital payments solutions so, they tend to opt for this payment option.

Raj Makanjee, CEO of FNB Retail and Private Banking, says, ‘’Digital payments have received a significant boost throughout the COVID-19 pandemic. More retailers and customers are embracing the idea of safe and efficient payment solutions.’’

According to FNB, a time is coming when the whole digital payment network will evolve due to the introduction of Virtual Cards. Later, customers with a compatible smartphone will be able to add their Virtual Card to their banking app for Tap-to-Pay payments.

Latest articles

Jeep Wagoneer S: First Global Battery Electric Vehicle (BEV) from Jeep

Jeep has provided more information about its all new, all electric 2024 Wagoneer S....

Insoft unveils Assabil and weSign for Sales Force Automation and Streamlining Digital Workflow

At the GITEX Africa 2024 technology event Groupement Insoft-Saphir Systems, a leading provider of...

Top 10 Highest-Paying Careers Without a College Degree

A college degree is often touted as the key to success, but it's refreshing...

Top 20 Countries with the Least Expensive Freelancers

A study, conducted by invoicing software company Bookipi has unveiled the countries with the...

Will ChatGPT Take My Job? Expert Reveals The Five Professions At Risk

The more capable AI becomes, the more you might begin to worry about a...

Best Valentine’s Day Gifts Ideas

Looking for a great Valentine's Day gift for your loved one? You are in...

Best Web Hosting Services for Small Business in 2024

The online presence of your business is as vital as any physical storefront or...

More like this

Best Valentine’s Day Gifts Ideas

Looking for a great Valentine's Day gift for your loved one? You are in...

NIS to Launch Automation of Passport Application on January 8

The difficulties Nigerians face when applying for international passport might be coming to an...

Big Brother Naija Season 8 starts July 23 with MoniePoint as Headline Sponsor

Multichoice has started teasing the return of its most popular reality TV show, the...