FNB Virtual Card Hits R100bn with 108% Growth in Secure Payments

FNB has recorded over R100 billion in virtual card transactions since launching the digital payment solution in October 2020, with R50 billion spent in 2024 alone.

The bank’s latest data reveals a 108% year-on-year (YoY) surge in in-store virtual card usage, highlighting growing consumer trust in secure digital payments.

Key Growth Metrics

• 5.3 million active virtual cards issued to date.

• 40.4% YoY increase in individual customers using virtual cards.

• 49.5% YoY growth in in-store virtual card purchases.

• 39% YoY rise in online transactions.

Why Customers Prefer FNB’s Virtual Card

FNB’s virtual card stands out with dynamic CVV security codes that refresh hourly, reducing fraud risks.

Customers can instantly block, cancel, or replace cards via the FNB Banking App if suspicious activity is detected.

“The distinct differentiators of world-class security and convenience make FNB’s Virtual Card a preferable transactional method for customers, and we’re delighted to see a continued drive to what we believe to be the growing future of payments globally,” says Senzo Nsibande, FNB Credit Card and Card Platform CEO.

“When we launched the FNB Virtual card and expanded our digital payments ecosystem, we understood that it forms an important part of our journey in making the customer’s payment experience as convenient, safe, and secure as possible.”

Spending Trends & Popular Categories

FNB’s data shows a 5.2% increase in in-store virtual card transaction values in 2024. Top spending categories include: Groceries, Dining out, General retail, Fuel and Travel & holidays.

“We’re confident that the success of this offering means that our customers know that they can trust us and our platform as they conveniently transact both in-store and online,” adds Nsibande.

Commitment to Innovation & Security

FNB continues to enhance its digital payment solutions, ensuring safety and ease for customers. “In an environment with constantly evolving threats, it’s imperative that we protect our customers and ensure safeguards that allow them to always transact securely. Our virtual card is central to this promise,” Nsibande explains.

The bank remains focused on delivering cutting-edge, customer-centric solutions, reinforcing its leadership in South Africa’s digital banking space.

“The rapid growth and adoption of our virtual card offering is encouraging and reassures us that we are on the right track as we continually endeavour to make the lives of our customers easier while innovating to ensure that their transactional environment remains safe and secure. We remain committed to providing a range of unique and inventive solutions that are centred around our customers’ needs and providing true value and help.” concludes Nsibande.

With cyber threats on the rise, FNB’s virtual card offers enhanced security, flexibility, and convenience, making it a top choice for digital-savvy consumers. As cashless payments grow globally, FNB is positioning itself at the forefront of secure, innovative banking solutions.