FNB brings contactless payments to South Africa

Tuesday 11 October 2016 07:10 CET | News

First National Bank (FNB), a South African bank, has announced that all new cards issued will support contactless payments.

Customers of FNB can now use the banking app called FNB Pay to tap-and-go at in-store payment terminals using Apple Pay or Samsung Pay from their handsets. The facility is part of the fifth version of its mobile banking app, which is being pushed out via updates. Transactions under R200 (USD 14.5) will not require a PIN. The system is fully EMV compatible, therefore it should work with any contactless payment terminal anywhere in the world. 40,000 FNB point of sale terminals, representing about one third of the total bank’s terminals are currently compatible with contactless, and the bank expects to update the rest within a year.

Payments are authenticated by unlocking the phone, cards that are already associated with an account can be allocated to the NFC system from within the app. Other updates to the app include fingerprint recognition for logging in and a new “Secure Chat” facility for contacting the call centre via text, rich media or a voice call. FNB is also strengthening security by adding new in-app notifications called Smart inContact that will replace SMS notifications for OTPs, and allow customer to reject transactions that appear to be fraudulent.

FNB is also launching a new watch app, and offering customers a 40% discount on smartwatches purchased through its eBucks store. 

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Keywords: eBucks, First National Bank, contactless payments, mobile payments, NFC, South Africa, smartwatch, mobile banking app, tap and pay, online banking
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech