- Covid-19 spread has ensured that cash as a concept is now passé while touch-free payments take center stage
- Tapping your card at a point of sale terminal that is enabled with contactless technology allows users to extract value from this evolving tech
- Stanbic recently stepped up functionality of FCAs on digital banking platforms
Harare – Stanbic Bank Zimbabwe Limited on Wednesday announced that it is set to launch contactless debit cards and POS machines, a payment feature based on “Tap and Go” for easier processing of payments with faster checkout times which do not require signatures or pins to ensure convenient transacting.
The coronavirus pandemic and resulting Covid-19 spread has ensured that cash as a concept is now passé while touch-free payments take center stage.
Head of Personal and Business Banking, Patson Mahatchi said the “Tap and Go” debit cards and point of sale machines were symbolic of how Stanbic adheres to its customer-centricity nature especially in this era of COVID-19.
“Stanbic Bank is proud to be among the first banks in Zimbabwe to introduce this new technology which has been accepted in 78 countries worldwide. This year it is estimated that all point of sale terminals in Europe will be contactless enabled, so we do not want to lag behind hence we are introducing this innovative product in our part of the continent,” he added.
He noted that contactless payment technology supported cards featuring “Tap and Go” is highest in Canada with 99% of consumer credit cards being contactless enabled. Once contactless cards are introduced into a market consumer adoption typically happens quickly and Stanbic Bank has set the pace in Zimbabwe.
A customer will only be asked to enter a pin if they are trying to perform a contactless transaction which is above the maximum contactless transaction limit, or when the terminal is not contactless capable.
Over the recent years, there have been more sophisticated developments to how contactless payments can be done, with users now being able to use their personal smartphones and other portable and mobile devices to make secure payments.
By and large, the fundamental behind this growing technology is that it uses radio-frequency identification or near field communication to help secure and make transactions.
In retail outlets, tapping your card at a point of sale terminal that is enabled with contactless technology allows users to extract value from this evolving tech.
This highly innovative technological advancement can come in handy, especially at a time when social distancing is now the new normal and where other issues can lead to unwarranted delays in everyday life, be it while grocery shopping, buying medication, or standing while waiting to fill gas.
Stanbic recently stepped up functionality of FCAs on digital banking platforms in addition to launching a technologically advanced application which allows account holders to pay bills and make in-store purchases on their phone using QR code scanning technology called SlydePay.
Mahatchi said the introduction of these products is part of a well thought out digitization strategy which offers convenience to customers and ensures that clients are beneficiaries of quality banking technologies.
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