Innovative new payment ring enables secure, contactless transactions
First National Bank (FNB), a leader in digital banking innovation, has announced a strategic partnership with VezoPay, the fintech company behind Africa’s first smart payment ring. Certified by Visa and Mastercard and enabled by Fidesmo, the VezoPay ring offers a secure, everyday payment solution. The collaboration aims to expand access to safe, contactless payments for South Africans through innovative new wearable technology.
The partnership introduces VezoPay’s NFC-enabled payment ring to FNB and RMB Private bank customers. In various situations where it may be inconvenient to carry a smartphone or physical card, customers will now have another safe, secure, and seamless tap-and-go contactless payment solution that perfectly complements their active lifestyles.
Senzo Nsibande, CEO of FNB Credit Card adds, “Our partnership with VezoPay is a natural extension of our digital payment ecosystem. We’re bringing innovative, wearable solutions to our customers ensuring that we meet them where they are and elevate their financial journeys. This new collaboration provides customers with access to world-class payment solutions, something they have come to expect from FNB. The payments offer greater convenience, enhanced security, and more flexibility in how they choose to transact.”
To enable the contactless payments technology, VezoPay has integrated with Fidesmo, a global contactless services platform. Fidesmo enables encrypted, token-based transactions, ensuring that sensitive payment credentials are never stored on the ring itself, offering security and peace of mind to customers.
Jake Pinkus, co-founder of VezoPay says, “Our goal is to make payments seamless and secure. Partnering with FNB allows us to bring this vision to life at scale, giving South Africans an innovative, secure and stylish way to pay without the friction of or reliance on traditional payment form-factors.”
The VezoPay ring is compatible with the FNB Virtual Card, which has become one of the bank’s most popular digital payment tools. Customers can link their virtual cards to the ring via the VezoPay app, enabling secure transactions at any contactless enabled point of sale. In addition to offering enhanced security such as a dynamic CVV number that changes frequently to reduce the risk of fraud, the FNB Virtual Card allows customers to enjoy added benefits such as purchase protection as well as an uninterrupted digital experience, should their card be lost or damaged. It can also be used for contactless device payments, as well as e-commerce purchases, streaming services, and subscription payments.
FNB has seen exponential growth in contactless payments. As of August 2025, total retail spend through FNB-enabled digital wallets surpassed R200 billion, reflecting the growing shift towards contactless transactions via smart devices. Notably, 58% of these purchases were made using the FNB Virtual Card, underscoring its popularity among customers. Digital wallet transaction volumes have grown by over 42% year-on-year (August 2024 vs August 2025) and 38% year-on-year (FY2024 vs FY2025). Digital wallet spend now accounts for 25% of all retail customer spend.
“In an environment with an increasing preference for seamless cashless payments and evolving threats, it is critical that we protect our customers and ensure they’re empowered to use various payment solutions while equally being safeguarded to always transact securely,” adds Nsibande.
Jason Viljoen, FNB’s Head of Card Modernisation and Digital Payments, further adds, “Wearable technology is reshaping how people interact with money. Our collaboration with VezoPay is part of our broader strategy to modernise payments and offer customers more intuitive, secure, and convenient ways to transact, without compromising on safety. We’re excited to see more of our customers embracing the future of payments.”
The VezoPay ring is available for purchase on the VezoPay website and to use the VezoPay payment ring, customers must first download the VezoPay app from the Google Play Store, then follow the prompts to add the ring and bank card to the app. Then, to make a payment at a contactless enabled point of sale, simply ’make a fist’ with your hand and position it on the top of the point of sale. No charging is needed, as the terminal powers the ring to securely transmit encrypted payment information.
About FNB
FNB is one of South Africa’s oldest and most trusted banks, known for its focus on digital innovation and customer-centric solutions. For more information visit https://www.fnb.co.za/ways-to-bank/digital/partner-wallets.html?serverError=true
About VezoPay
VezoPay is a South African fintech startup revolutionising wearable payments with its flagship smart ring technology. For more information visit https://vezopay.com/
//ENDS
