First National Bank said on Tuesday that it is launching the ability to tap for transactions at its ATMs.
This will allow customers to tap their contactless card on the contactless reader of an eligible FNB ATM and enter a Pin to complete the transaction without having to insert their bank card.
This functionality is currently available across 100 FNB ATMs and more will be upgraded during 2019, the bank said in a statement.
FNB estimates that ATM “tap and Pin” will reduce the time it takes to make a withdrawal by up to 20 seconds per transaction.
“In addition to the convenience, FNB customers will also enjoy further protection against card-skimming devices by not having to insert their card for a withdrawal,” it said.
FNB Retail CEO Raj Makanjee said that in the past three years, consumers have processed about R1-billion worth of contactless payments from five million transactions on FNB-issued credit and debit cards alone.
“The frequency of use by consumers has grown by between 100% and 300% on our credit and debit cards respectively, highlighting the confidence of our customers in adopting new and secure payment methods,” Makanjee said.
The bank has more than 8.5 million contactless-enabled debit and credit cards in the hands of consumers.
FNB Pay on the FNB app as well as FitBit Pay and Garmin Pay have also proved popular, he said. “FNB Pay processes an average of 700 contactless transactions per day, while more than R1.5-million worth of contactless transactions were processed on FitBit Pay and Garmin Pay in the last two months.” — © 2018 NewsCentral Media
