FNB has revealed that consumer spend
on audio and video streaming services such as Apple iTunes, Spotify, Google
Music, Deezer, Amazon Prime, ShowMax, Netflix and YouTube has increased by
roughly 70% from the period before Covid-19 up to end of June 2022.
Raj Makanjee, CEO of FNB Retail,
says their Retail customers spend up to R190 million per month on audio and
video streaming subscriptions.
“The flexibility of these platforms allows
families to customise their own experience and playlists, with the convenience
of consuming content whenever they want. The use of content-on-demand platforms
is likely to continue as more providers introduce services to give consumers
more choice. As part of our efforts to help our customers better manage their
money, we offer them several ways to manage their streaming subscriptions.
“This
includes enabling them to load subscriptions on their FNB Virtual Card with
rewards of up to 40% back in eBucks on Netflix and Spotify. In the past year,
our customers earned over R16 million back in eBucks on these services,”
he says.
Ashley Saffy, Business Development
Head, FNB Card, says, “Overall Virtual Card spend on streaming and
subscription services has also grown approximately 600% year-on-year. With the
creation of Virtual Cards being free on our platform, we see more customers
creating separate Virtual Cards dedicated to streaming subscriptions, and this
makes it easy for them to track and manage their spend.
“Our Virtual Cards are
also preferred for eCommerce, other subscription payments and QR payments via
Scan to Pay on the FNB App,” she explains.
“Since the launch in 2021, over
3 million FNB Virtual Cards have been activated and customers enjoy better
safety against fraud when they use a Virtual Card as it has features like the
dynamic CVV number that changes regularly. We have fully embraced the reality
that customers want the liberty to choose and customise the content that they
and their families consume across various streaming services. While our tools
and services have empowered customers with the power of choice, we are equally
delighted with the rate at which our customers continue to embrace our digital
solutions, complementing their lifestyles,” concludes Saffy.
