FNB Expands its QR Code Payments Channels

Following a positive response to FNB’s integrated App-based QR code payments solution from merchants and consumers, the Bank is expanding its ecosystem by adding even more QR code payment channels in South Africa.

As of 01 December, consumers shopping or filling up at Engen service stations across the country will now be able to make QR code payments (Scan to Pay) on FNB’s turquoise point of sale terminals (POS Terminal). This will be the first phase of the rollout with further QR code payment channels soon to be introduced at major retailers across the country.

Thokozani Dlamini, FNB Merchant Services CEO says the ability to process convenient, efficient and safer payments in a cost-effective manner continues to be essential for businesses. Digital payment solutions not onlylower the cost of usage for merchants but drive wider financial inclusion and acceptance – helping consumers move away from cash.

“We are fortunate in that our market leader position and continued digitisation of our banking platform enables us to benefit from scale. Consequently, we are able to reach a significant number of merchants in SA, while providing them with industry leading and affordable banking solutions. This coupled with our initial partnership with Engen, which has the largest service station footprint in South Africa, will go a long way in helping us to accelerate the adoption of digital payment solutions in the country,” adds Dlamini.

This new payment option is powered by Masterpass, Mastercard’s digital payment service, which is interoperable with most major domestic QR payments services.

Since launching the integrated QR code payments solution on its banking app for both consumers and businesses in the SA banking sector, FNB has seen remarkable growth with FNB-banked merchants, who actively use ‘QR Speedpoint’.

From a consumer perspective, Scan to Pay usage has seen double digit month on month growth since its launch on the FNB App. This complements a wide range of convenient Digital Payment alternatives such as FNB Pay on the FNB App, Samsung Pay, FitBit Pay and Garmin Pay.

As we approach the festive season, we expect a significant number of consumers to make use of QR code payments when shopping and filling up at Engen. The customer will simply select the Scan to Pay option on the Point of Sale device and scan the QR code to make payment.

For added convenience using Scan to Pay, 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’.

“We continuously strive to improve our payments solutions and enhance our customers experience by providing them a range of solutions that are secure and convenient when making purchases,” Dlamini concludes.