FNB announced that its tap-to-pay functionality underwent maintenance, prompting users to de-register and re-register to continue using the platform before its retirement.
Launched in October 2016 as Africa's first contactless tap-to-pay digital card wallet, FNB Tap-to-Pay has completed its maintenance, and users experiencing issues are encouraged to switch to Google Wallet or an alternative solution.
The bank's decision to discontinue the functionality is attributed to the growing popularity of platforms like Google Wallet. Google launched its contactless payment service in South Africa in 2022, allowing users to store cards, tickets, passes, keys, and IDs, while the Google Pay app manages finances. South African banks, including FNB, have embraced Google Wallet to expand contactless payment solutions.
FNB, like other local banks, has witnessed a surge in contactless payments since the onset of the COVID-19 pandemic, with over 50% of card payments now being contactless. The discontinuation of tap-to-pay, influenced by global digital wallet success, aims to simplify customer journeys and enhance integration with Android devices, smart wearables, and Chrome for secure online shopping. The decision is also influenced by token expiration and the increasing complexity of Tap-to-Pay solutions, prompting users to transition seamlessly to Google Wallet.
Amid warnings of rising contactless payment fraud in South Africa, FNB reassures clients about Tap-to-Pay's security. Card credentials are tokenized, and interactions are encrypted, ensuring that actual card details are never held by the wallet and are invisible to external participants in the payments value-chain. Access to the digital card wallet is restricted to one's personal device, secured behind device unlock.
In October 2021, First National Bank (FNB) has planned to enhance its payment ecosystem by introducing two Small and Mid-sized Enterprise (SME) solutions: the FNB WebStore and FNB Android Speedpoint. These solutions aim to provide a straightforward, convenient, and cost-effective method for South African businesses to accept payments.
FNB's goal is to simplify processes and offer customers more choices and convenient solutions through its digital platform. This initiative involves empowering both individual end-users and merchants within an integrated ecosystem, ensuring a seamless shopping experience for various payment methods, including Virtual Card, EFT, Tap-to-Pay, Scan-to-Pay via FNB Pay, and contactless payments surpassing chip and pin transactions.
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