23 November 2014

Absa to trial NFC mobile payments

06 December 2011  |  5731 views  |  1 Iphone screen close up

South African bank Absa is to launch live user trials of NFC technology on mobile phones.

The trial will kick off in mid-December and involve 500 of the bank's own staff members, operating in a live commercial environment.

Participants will be equipped with MicroSD cards supporting Blackberry handsets and MasterCard PayPass.

Upon registration, users will be able to load cash into the wallet from the Internet or at point-of-sale terminals. The bank plans to charge a minimum 2.5% fee for each reload.

Transactions will be initially supported at certain Absa campuses, the Vodacom campus in Midrand, and the transit system in Cape Town.

Arrie Rautenbach, head of retail markets at Absa, says: "The trial paves the way for consumer market utilisation of the mobile phone as a payment device by using the revolutionary NFC technology. While this trial will facilitate low value payments in retail and transit in early stages, we envision many more exciting new forms of mobile payment in the future."

South Africa's Standard Bank in October dismissed mobile payments as a cumbersome Western banking fad, arguing that explosive growth in pre-paid money vouchers in South Africa had killed off prospects for the more technologically advanced mobile wallet.

Comments: (1)

A Finextra member | 06 December, 2011, 16:35

"Pre-Paid Money Vouchers" sound an awful lot like Paper Cash...  Forward thinking!  21st Century Luddites?

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

08 November, 2011
26 October, 2011
08 September, 2011
04 July, 2011
23 March, 2011
09 April, 2010
29 March, 2010
09 March, 2010
16 February, 2010
08 April, 2009

Related company news

 

Featured job

to £100k base, commission, benefits
London, UK

Find your next job