FNB (First National Bank) has launched a virtual card coming to its smartphone app in October for individuals and businesses.
Unlike the normal plastic cards we use, a virtual card is a digital version and can be used almost the same. This means FNB customers will be able to get a virtual card stored in their smartphones and able to use for both online and physical payments.
This will be available for individual customers across Debit, Fusion and Credit Cards and for business customers on Debit Cards.
The virtual card will have a card number, a longer expiry date, and a CVV (Card Verification Value) security number that changes every hour to minimize the risk of fraud. Bankers will have the ability to temporarily block, cancel or replace the card via the app.
Also, the card will not be using the OTPs, but will require a user to authenticate a transaction on the app.
The virtual card will be available for both Android and iOS users. But only Android users will be able to use it for Tap to Pay functionality, as Apple has not rolled out this in South Africa.
With the Tap to Pay functionality, users are able to pay for purchases at stores using their smartphones.