FNB will be launching a virtual card with a dynamic CVV in October to all FNB and RMB clients. It will be available to individuals on debit, fusion and credit cards and businesses on debit cards.
The card will be available to customers in October 2020 via the respective bankings app on Android and iOS. Cards can be created virtually and used instantly, at no extra costs and has a “shelf life” of five years.
The card was created with security first, as the CVV number changes every hour. FNB said on a virtual media briefing this morning that it is meant to replace OTPs sent to customers.
Multiple cards can be created and saved with nicknames, for example, one for online shopping; one for food delivery apps; one for subscription services, etc. It can be blocked, cancelled or reactivated immediately on the app.
The virtual card can also be used as a Tap to Pay for contactless payments on Android, or on Apple devices where the merchant lets you scan a QR code to pay.
You can create multiple virtual cards for different reasons (online shopping; food apps, subscriptions) and assign it with nicknames. The virtual card has a longer “shelf life” than physical cards. pic.twitter.com/W0aWYsAFKH
— Nafisa Akabor (@nafisa1) July 29, 2020
Raj Makanjee, FNB Payments Executive says, “FNB and RMB Private Bank customers are able to create and link their Virtual Cards to the transactional accounts they have with us. Customers have the flexibility to create multiple Virtual Cards for each transactional account to better manage spend. They can also use the Virtual Card to pay digitally via Scan to Pay, Tap to Pay or during check-out for online purchases. Our Virtual Card can be loaded on trusted websites or Apps for online shopping, as well as wearable devices for contactless payments.”
At the livestream event this morning, FNB emphasised that fraud was the centre of the product, with security on top of mind, hence the dynamic CVV. The company also said that it will focus on learning what transactions are regular, like monthly subscriptions, rent, etc and won’t flag those that are paid at the same time every month.
I love this product already because if you think about the rise of security breaches and data leaks, including credit card info being exposed, this product means your card is already a step ahead of cybercriminals. Your card info would be expired by the time they want to do anything with it.
Chris Labuschagne, CEO of FNB Credit Card says, “The distinct differentiators of world-class security and convenience make the bank’s Virtual Card a preferable transactional method for customers.”
Consumers and businesses are adopting convenient ways to shop and pay; therefore, security becomes a critical factor. One of the key security features on our Virtual Card is a dynamic Card Verification Value (CVV) security number that changes every hour to help customers minimise the risk of fraud when shopping online. The Virtual Card will be safely stored on the App and customers will have the ability to temporarily block, cancel or replace the Card via our App.”
I will be joining a trial to test the virtual card ahead of the launch and will share more information with you. If you have any questions, let me know via comments.
EDIT: In November 2020, the bank released a statement, “FNB is excited to confirm that it has successfully completed the pilot of its Virtual Card. In order to enable a seamless transition for customers, the Bank has decided to delay the launch of its Virtual Card to 2021.”
Welcome to Wired to the Web. My name is Nafisa Akabor and I’m a technology journalist covering business and consumer tech for the last 13 years. I’m passionate about start-ups, smartphones, mobile payments, travel tech and electric cars. ✉️ firstname.lastname@example.org