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The ETF became the first bank in South Africa to offer consumers an innovation allowing them to touch bank cards and enter a personal identification number (PIN) to complete a transaction without inserting cards in ATMs.
The bank believes that the "Tap and PIN" feature will reduce the time it takes to make a maximum 20-second withdrawal and protect its customers from card-skimming devices. The feature is currently available on 100 ATMs ETFs and the bank has announced that others would be upgraded in 2019.
The new product represents a major milestone in the bank's plans to continually improve the convenience and security of its banking ecosystem, said FNB Retail Director Raj Makanjee.
"Over the past three years, consumers have processed approximately 1 billion RL of contactless payments corresponding to 5 million transactions made solely on credit and debit cards issued by ETFs," said Makanjee.
"The frequency of consumer use of our credit and debit cards has increased from 100% to 300%, underscoring the confidence of our customers in adopting new secure payment methods. After starting to issue contactless cards three years ago, we now have over 8.5 million debit and credit cards in contact with consumers. "
Makanjee said contactless payments offered substantial benefits at a time when consumers and retailers wanted to avoid long queues.
For more information, download The Citizen app for iOS and Android.
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