More than 50% of all payments made with physical or digital payment cards issued to customers of South Africa’s First National Bank (FNB) are now contactless, the bank reports.
“One of the key reasons is that contactless payments are more convenient and faster than swiping or inserting your card. They also provide a higher level of security, as they use near field communication technology, which is less vulnerable to fraud than traditional ‘contact’-driven payment methods,” FNB’s Ashley Saffy says.
“Additionally, the Covid-19 pandemic accelerated the shift towards contactless payments, as they do not require physical contact between the customer and the point of sale.”
FNB reported a ‘surge’ in contactless payments from smart devices in South Africa in March 2022.
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