FNB has expanded its digital payment ecosystem into the wearable technology space by announcing a new partnership with South African fintech start-up VezoPay, the company behind the country’s first smart payment ring.
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The new offering targets FNB Private Bank and RMB Private Bank customers, allowing them to use the payment ring as a secure, tap-and-go alternative when using a physical card or smartphone is inconvenient. The ring is certified by Visa and Mastercard and is powered by Fidesmo, a global contactless-services platform.
The VezoPay ring utilizes Near-Field Communication (NFC) technology, enabling users to make payments simply by rolling their hand into a fist and tapping the point-of-sale terminal. Critically, the ring requires no charging and links directly to FNB’s existing virtual cards platform via the VezoPay app. For security, the ring supports tokenized encrypted transactions, meaning payment credentials are never stored directly on the device itself.
The move capitalizes on FNB’s rapid growth in contactless and digital payments. As of August, the bank reported that digital-wallet retail spend had surpassed R200-billion, with 58% of that volume processed through its virtual cards. Digital wallet transaction volumes climbed over 42% year-on-year. This new ring offering is positioned to ride that strong momentum, providing customers with an extra, highly convenient option for secure and flexible payment.
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For VezoPay, the FNB partnership represents a significant scaling-up and broadening of its market reach. The fintech had already secured its first banking partner in July 2024 with Nedbank, allowing their cardholders to use the device. Having also recently secured investment from the founder of payment provider PayFast, VezoPay is executing its plan for a multi-institution banking rollout.
The collaboration underscores a clear alignment in strategy: for FNB, the wearable ring is an extension of its payment modernization efforts, moving beyond traditional plastic and mobile phone payments. For VezoPay, it solidifies its position as a key player in the future of payment methods in South Africa.
