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FNB announced that it would now offer its customers the ability to perform ATM transactions via a "Tap and PIN" method.
This feature removes the need for customers to insert their card into an ATM, but allows them to tap their NFC-enabled credit card and enter their PIN to complete the transaction.
ETF believes that the "Tap and PIN" feature will reduce the time required to make a maximum withdrawal of 20 seconds per transaction.
In addition, this method of interacting with ATMs protects ETF customers against card-breaking devices.
"Over the last three years, consumers have processed approximately R1 billion of contactless payments for five million transactions made only with credit and debit cards issued by ETFs," said Raj Makanjee, chief executive of Retail ETF.
"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."
He added that 8.5 million ETF customers now have contactless debit and credit cards.
"Contactless payments offer substantial benefits at a time when consumers and retailers want to avoid long queues," Makanjee said.
The bank said that this feature is currently available on 100 ATMs ETFs, and that others should be upgraded in 2019.
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