First National Bank (FNB) is enabling consumers and sole proprietor businesses to perform and accept quick response (QR) code payments using the FNB Banking App, signalling the expansion of its digital payments ecosystem.
This makes FNB the first bank in South Africa to integrate QR code payments into a banking app for both consumers and sole proprietor businesses. It gives customers another option in terms of digital payments without having to download any additional app.
“We are rapidly expanding our digital payments ecosystem by providing customers with helpful digital payments solutions,” says FNB Retail CEO, Raj Makanjee. “The ability to make QR code payments offers our customers convenient and secure alternatives to carrying cash. 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.”
How it works
To use this new feature, FNB customers can simply enable the 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 utilize 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.
It is a cost-effective means for businesses to accept digital payments as there are no monthly rental or maintenance costs. Even 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.