– FNB continues to demonstrate its leadership in payments through the elevation of its successful FNB Pay brand to encompass the full suite of FNB’s payments capabilities and in addition, launches new innovative payments solutions on the FNB App.
According to Yashen Singh, CEO of Retail Core Banking, over the years, FNB’s commitment to providing safe, convenient and cashless payment solutions has resulted in a vast ecosystem of payment offerings spread across the bank’s digital platforms. He explains that the redesigning of FNB Pay effectively consolidates all these solutions in one digital space and organises the solutions into logical buckets, ensuring a simplified and enhanced payments experience.
“FNB Pay has been specifically engineered to offer FNB and RMB Private Bank customers a single point of entry for all their payment and receipt requirements,” Singh explains, “allowing them to quickly and easily access the payment solution they need to get their specific transaction done.”
The benefits of this highly accessible and consolidated digital payments functionality is not limited to customers. According to Thokozani Dlamini, CEO of FNB Merchant Services, merchants, businesses as well as even corporate clients of FNB will now also enjoy a more streamlined digital payments and receipts experience. “FNB Pay aligns with FNB Commercial’s commitment to making it easier for our business customers of all shapes and sizes to operate and enhance their success,” Dlamini says, “and we are very aware that payments and receipts can often be one of the pain points that can limit businesses from achieving that objective. FNB Pay solves for this by removing most of the payments and cashflow barriers that are common to many businesses, making it easy to pay and get paid.”
Users of the FNB digital platforms can simply access the FNB Pay tab and select the type of transaction they need to get done. The transaction groupings seamlessly guide the user to the correct payment solution to make a payment, settle a bill, receive a payment, or set up beneficiaries or recurring payments. The consolidated FNB Pay ecosystem even makes it easy for an FNB App user to keep track of the various payments including eWallet and Global payments that were made and received via a detailed history function.
According to Singh, the consolidation of FNB’s payment solutions under the FNB Pay umbrella forms part of the bank’s broader strategy which includes entrenching its leadership position as a provider of accessible and helpful digital transactional capabilities. A number of new and enhanced payment solutions have also been added to accompany the FNB Pay launch. These include:
Instant Payments – a first-to-market instant payment solution that enables FNB and RMB Private Bank customers to send money to family members and friends simply by entering their card number, irrespective of the recipient banks. These are new instant payment rails, with a R7 fee per instant payment and these transactions are included in the FNB Private Wealth bundle.
Bill Payments – the payment solution provides a quick and convenient way for FNB customers to use the FNB App to pay their bills including municipalities, medical, education among other services using their card and maximising rewards.
Virtual Card – which will now offer enhanced payment capabilities with the FNB Global Account Virtual Card in November. The enablement means that FNB customers can now upload their Global Virtual Cards on Google Wallet or Apple Pay to transact abroad, enjoying cost effective international purchase fees and more rewards. Google Wallet enables FNB customer to load virtual cards and use their phone to tap for purchases instead of using a bank card.
PayMe (previously Payment request) – allows FNB customers to digitally request funds from family or friends. The service is free on the FNB and RMB Private Banking Apps, as well as cellphone banking (USSD). The process is very simple: the person requesting the funds simply follows a few prompts and the payer is notified of the request immediately. They then simply accept the request for payment to be made immediately. This function and the Pay2Cell function is especially useful for requesting and making instant payments such as tips for waiters or car guards, removing the need to carry cash around.
eWallet (previously Send Money) – allows FNB customers to send money instantly to anyone with a South African cellphone number.
Paying and requesting to a cellphone number avoids the need to remember bank account information and allows FNB customers to pay and request funds using their contact list on their phone. FNB has taken things further with the introduction of ChatPay which allows customers to pay or request payment from any FNB customer using the FNB App’s chat functionality. Lastly customers can Scan a QR code by simply selecting the QR option on the top corner of the FNB App to pay FNB customers or at point-of-sale or opt to Show my QR to receive payment into their account instantly.
The launch of FNB Pay also sees the rollout of enhanced payment capabilities for businesses, like the Speedee App, which allows merchants to receive payments quickly and securely on their Android smartphones, without the need for a point-of-sale device.
“The implementation of FNB Pay as a single payments umbrella represents the first new chapter in FNB’s journey towards providing its customers and businesses with a simplified and cohesive payment ecosystem,” Singh says, “in the coming months we will be adding many more exciting payment options to the service, so that irrespective of the type of payment transaction an individual or merchant needs to complete, with FNB Pay they will be assured of a successful, secure and user-friendly experience.”