FNB and RMB global account holders can now generate virtual cards on their accounts making it safer to transact. Virtual cards were introduced in early 2021 during the pandemic as a convenient way to pay, with a unique changing CVV number every hour.
Global accounts have been around since 2019 and support various popular currencies like the US Dollar, Euro, British Pound, etc. Apart from letting you pay for goods when traveling, the accounts also let you save, or make and receive international payments.
Virtual cards are supported on mobile devices with NFC, and wearable tech such as smartwatches or supported fitness devices with NFC.
In a media release, Yashen Singh, CEO of FNB Private Core Banking says users of the FNB and RMB Private Bank global accounts can earn up to 4% back in eBucks and gain access to benefits such as global emergency assistance, a global ATM network, airport lounge access, extended warranty, flight reservations, hotel reservations, restaurant reservations, car rental reservations, event ticket purchases, and trip planning, to name a few.
FNB Credit Card CEO Senzo Nsibande says creating a virtual card on global account is valuable for customers who frequently travel abroad as they do not need to withdraw foreign currency for expenses, and they will not require their physical cards for payments.
“Virtual cards linked to global accounts are also useful for expenses that are charged in foreign currency, even if you’re based in South Africa. For a seamless payment experience and even better rewards, customers can add their global virtual card to FNB Tap to Pay or a partner wallet, including Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay, and SwatchPAY,” says Nsibande.
According to the bank, FNB and RMB Private Bank customers have generated more than 4 million virtual cards to date, and have spent over R15 billion since it launched in 2021. It also credits its changing 3-digit CVV security feature as a way to reduce fraud and ensure the card holders details are always secure, especially for online transactions.
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