Stanbic Forges Ahead With Innovative Tech Products

FINANCIAL services institution, Stanbic Bank Zimbabwe, says it is ready to launch contactless debit cards and POS machines as it forges ahead with its highly innovative technology advancement approach accelerated by the Covid-19 new normal.

The bank’s head of personal and business banking, Mr Patson Mahatchi, said the “Tap and Go” debit cards and point of sale machines were symbolic of how Stanbic adheres to customer-centricity, especially in the 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,” he said.

“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,” said Mr Mahatchi.

He noted that the contactless payment technology supported cards featuring “Tap and Go” was mostly used in Canada with 99 percent 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, said Mr Mahatchi.

“This is a highly secure innovative technology for which we have already started customer education.

“The contactless transaction cards are very convenient during these Covid-19 times we are living in as it limits contact and plays a pivotal role in ensuring that one stays safe while still doing their transactions,” he said.

According to Stanbic, the “Tap and Go” cards offer easier processing of payments with faster checkout times, which do not require signatures or pins to ensure convenient transacting.

Through the model, 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.

“The card can still be used on ordinary non-contactless purchase transaction terminals, which require a pin when inserted into a merchant terminal,” said Mr Mahatchi.

The introduction of the contactless enabled cards is the latest in a series of highly innovative technology advancement products that Stanbic has launched this year.

As the world continues to reel under the menacing pandemic, most banks and businesses are shifting to technology solutions to ensure the safety of their clients as they do their business and transactions.

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.

Mr Mahatchi said the introduction of these products was part of a well thought out digitisation strategy, which offers convenience to customers and ensures that clients are beneficiaries of quality banking technologies.

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