FNB on Wednesday announced the launch of QR code payment service, allowing its customers to scan QR codes to make payments through its banking app.
The banking group said this makes it the first bank in South Africa to integrate QR code payments for both consumers and sole proprietor businesses on a banking app.
The integration of QR code payments on the FNB Banking App which has 2.8 million active users helps customers with another simple choice in digital payments as there is no need to download any additional app.
To make payment, individual FNB customers can simply enable the new FNB App ‘Scan to Pay’ widget on their smartphones. Alternatively, they can select the Payments option on the FNB App, login and select FNB Pay, then click on ‘Scan to Pay’.
Similarly, businesses will select Payments, login and click on ‘Speedpoint’, register and begin to utilise the service within 24 hours. Businesses have the option to display the QR Code within the FNB app, email and print the QR code, or share it via social media.
There are no monthly rental or maintenance costs which makes this a cost-effective means for a business to accept digital payments. Those businesses that do not bank with FNB can open an account, register and start accepting QR code payments all within the FNB App.
This innovative capability is powered by Masterpass, Mastercard’s digital payment service, which is interoperable with most major domestic scan-to-pay services, representing a footprint of approximately 140,000 merchants and billers.
“We are rapidly expanding our digital payments ecosystem by providing customers with helpful digital payments solutions. The ability to make QR code payments offers our customers convenient and secure alternatives to carrying cash.,” says Raj Makanjee, FNB Retail CEO.
“As pioneers in innovation, we are consistently developing a wider selection of customer centric solutions in digital payments, including solutions such as GeoPay and FNB Pay.”