FNB customers exceed R100bn in virtual card transactions

Johannesburg - FNB data reveals a continued surge in virtual card usage, with more than R100 billion in spend since the bank launched the digital payments solution in October 2020. Notably, R50 billion of this is attributed to transactions made between January and December 2024 alone. Moreover, the bank notes its highest year on year (YOY) growth in in-store virtual card spend at 108.2% percent as at end-December 2024.

Furthermore, since the launch of the FNB Virtual card, the bank reports 5.3 million active virtual cards.  The overall number of individual customers using virtual cards has increased by 40.4% YOY, with those using virtual cards for in-store purchases going up by nearly 50% YOY (49.5%) and those using their virtual cards for online purchases increasing by 39% YOY.

“The distinct differentiators of world-class security and convenience make FNB’s Virtual Card a preferable transactional method for customers, and we’re delighted to see a continued drive to what we believe to be the growing future of payments globally. When we launched the FNB Virtual card and expanded our digital payments ecosystem, we understood that it forms an important part of our journey in making the customer’s payment experience as convenient, safe, and secure as possible,” says FNB Credit Card and Card Platform CEO, Senzo Nsibande.

“We’re confident that the success of this offering means that our customers know that they can trust us and our platform as they conveniently transact both in-store and online,” he adds.

The added value of FNB’s virtual cards is that they come with a dynamic card verification value (CVV) security code which changes every hour. Customers can also temporarily block, cancel or replace their FNB or RMB Private Bank virtual cards via their Banking Apps as soon as they suspect any kind of fraudulent activity.

“In an environment with constantly evolving threats, it’s imperative that we protect our customers and ensure safeguards that allow them to always transact securely. Our virtual card is central to this promise,” continues Nsibande. FNB’s data also provides insight into how much FNB customers are spending, showing that virtual card transaction values increased by 5.2% in-store in 2024 compared to the year before.

Regarding the product and merchant categories are most important to customers - data reveals that most customers use their virtual cards on groceries, eating out, general retail, fuel, plus travel and holidays. Data furthermore reveals that for in-store purchases, grocers and fuel stations process the bulk of transactions while general retail, food delivery and travel e-commerce broaden the view.  These insights, according to Nsibande, paint a positive and promising picture for the usefulness of virtual cards among FNB’s customer base.

“The rapid growth and adoption of our virtual card offering is encouraging and reassures us that we are on the right track as we continually endeavour to make the lives of our customers easier while innovating to ensure that their transactional environment remains safe and secure. We remain committed to providing a range of unique and inventive solutions that are centred around our customers’ needs and providing true value and help.” concludes Nsibande.