First National Bank reports ‘surge’ in contactless payments from smart devices in South Africa

The total transaction values of contactless payments made using a smart device processed by retail and commercial clients of South Africa’s First National Bank (FNB) has increased from R640m (US$43m) in 2020 to “in excess” of R4.2bn (US$3bn) in 2021, the bank reports.

The average monthly spend has also risen from R53m (US$3.5m) in 2020 and R350m (US$23m) in 2021 to R935m (US$63m) in the first three months of 2022, the bank says in a media statement.

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