22 October 2017

SA bank and MasterCard pilot pre-authorised EMV debit card

13 October 2004  |  4341 views  |  0 SA bank and MasterCard pilot pre-authorised EMV debit card

Capitec Bank and MasterCard Southern Africa today announced a pilot of the world's first pre-authorised debit card based on the EMV standard, in the Qwa-Qwa town of Phuthadjitjaba in the Free State province.

The new debit card, issued by Maestro, is specifically designed to provide a straightforward, low-cost banking product with easy access to the mass market and comes with a PIN-protected microchip.

The EMV chip technology behind the enhanced Maestro debit card means that participating retailers no longer need to depend on an expensive 'always online' telecom infrastructure in order to securely accept debit cards.

Mastercard says the pilot will contribute toward the challenge of converting the estimated two out of three South African consumers who are currently unbanked, into banked customers and payment cardholders.

Capitec Bank CEO, Riaan Stassen, says the technology will enable secure, cost-efficient card usage for retailers and consumers, in locations that were previously unfeasible in South Africa.

He says: "In emerging regions, the majority of retailers are unable to have online telecommunication on a continuous basis, making magnetic stripe cards ineffective for both retailers and cardholders."
KeywordsEFTPOS

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

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

Related stories

US Supreme Court upholds Visa and MasterCard ruling

US Supreme Court upholds Visa and MasterCard ruling

04 October 2004  |  6744 views  |  0 comments
Xign secures MasterCard investment

Xign secures MasterCard investment

16 August 2004  |  3040 views  |  0 comments
MasterCard and Visa align PED security requirements

MasterCard and Visa align PED security requirements

05 August 2004  |  3895 views  |  0 comments
MasterCard to sniff out online crime rings

MasterCard to sniff out online crime rings

22 June 2004  |  5282 views  |  0 comments
MasterCard M/Chip 4 cards debut at Russian Standard Bank

MasterCard M/Chip 4 cards debut at Russian Standard Bank

17 May 2004  |  3588 views  |  0 comments
Debit cards displacing cash for smaller purchases

Debit cards displacing cash for smaller purchases

07 May 2004  |  4340 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.atos.netvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
14371 views comments | 17 tweets | 28 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
12980 views comments | 22 tweets | 28 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9766 views comments | 13 tweets | 10 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
9615 views comments | 12 tweets | 23 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8771 views comments | 9 tweets | 18 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job