FNB Pay And Masterpass Emerge as The Most Used Mobile Payments Brand in South Africa
In a survey conducted by Statista’s Consumer Insights, FNB Pay and Mastercard Click to Pay (Masterpass) have emerged as the most used mobile payments brand in South Africa, taking the top spot with 43%.
Both payment brands are followed by Apple Pay (27%), Google Pay (27%), and SnapScan (22%) closing the top 5.
The figures above mentioned, reflect the percentage of respondents who reported having used the application in the last 12 months, either for Point-of-Sale (PoS) transactions with a mobile device in stores and restaurants or for online purchases.
FNB Pay
FNB tap-to-pay was launched to the South African market in October 2016, as the first contactless tap-to-pay digital card wallet in Africa.
The payment platform is a convenient, safe, and secure alternative to making payments in-store without the need for a card or cash. To use FNB Pay, users only need to download the FNB Banking App and register their qualifying card.
As a financial institution, FNB provides personal, private, business, commercial, and corporate banking services to millions of customers across South Africa. FNB Pay aligns with FNB Commercial’s commitment to making it easier for business customers of all shapes and sizes to operate and enhance their success.
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.
FNB took 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 modernization of the payment system is a critical step in efforts to promote and entrench digital adoption in financial services. This coincides with FNB’s drive to provide a trusted digital platform that could help customers reduce their reliance on cash through a range of alternative payment options.
Masterpass
South Africans are the first in the Middle East and Africa region to be introduced to MasterPass, since its launch in 2013
The payment platform enables consumers to make convenient, simple, fast, and secure digital payments. Digital wallets accessible through the MasterPass acceptance network allow consumers to store all their MasterCard or other branded credit, debit, or cheque card information, and shipping and billing address details securely in one place.
This gives them the ability to make secure online payments without the repeated hassle of entering these details each time. MasterPass also accepts selected PIN-based debit cards such as Maestro, enabling millions of South Africans to make secure online purchases using their PIN-based debit cards.
By selecting “Buy with MasterPass” as the payment option at checkout, consumers reduce the risk of exposing their personal information over potentially unsafe networks, assuring them of a safe and secure transaction. For retailers, MasterPass provides a more secure, faster, and easier way to checkout their customers.
