FNB says 'tap and pin' technology at ATMs can reduce transaction time by 20 seconds

Some FNB customers won't have to insert their bank card into ATMs soon, as the bank will roll out "tap and pin" technology across 100 of its ATMs, and others will be upgraded in 2019.

This is according to a statement issued by the bank on Tuesday. FNB will be the first bank in SA to offer this contactless innovation at ATMs.

It is an effort to improve convenience and safety for customers, the bank's retail CEO Raj Makanjee said.

"The innovation allows consumers to safely tap their contactless card on the contactless reader of an eligible FNB ATM and enter a PIN to complete the transaction without having to insert their bank card," the bank said in a statement.

This innovation is estimated to reduce the time it takes customers to make a withdrawal by up to 20 seconds per transaction.

"FNB customers will also enjoy further protection against card skimming devices by not having to insert their card for a withdrawal," the bank stated.

Mankanjee said that FNB's consumers were increasingly making use of contactless payments.

"The frequency of use by consumers has grown by between 100% and 300% on our credit and debit cards respectively," he said. "Having started issuing contactless cards three years ago, we now have over 8.5 million contactless-enabled debit and credit cards in the hands of consumers."

"Contactless payments offer substantial benefits in an era where consumers and retailers want to avoid long queues," he added.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

ZAR/USD
16.77
(-0.09)
ZAR/GBP
21.15
(-0.12)
ZAR/EUR
18.95
(-0.11)
ZAR/AUD
11.66
(-0.17)
ZAR/JPY
0.16
(-0.09)
Gold
1798.22
(+0.06)
Silver
18.69
(+0.13)
Platinum
824.50
(+0.30)
Brent Crude
43.14
(+2.10)
Palladium
1961.36
(+0.61)
All Share
55417.89
(-0.66)
Top 40
51154.08
(-0.74)
Financial 15
10472.31
(+1.28)
Industrial 25
76134.69
(-1.67)
Resource 10
52483.78
(-0.20)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 1936 votes
I am taking a hit, but should be able to recover in the next year
23% - 2541 votes
My finances have been devastated
35% - 3791 votes
It's still too early to know what the full effect will be
25% - 2718 votes
Vote