On The Web
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“Stitch wants to provide full API access to financial accounts across Africa starting from its first market, South Africa. With its API, developers can connect apps to financial accounts. This allows users to share their transaction history and balances, confirm their identities and initiate payments. We’ve seen a wave of API-led financial services companies proliferating around the globe. […]
South African Digital Bank TymeBank Lands $109M From UK and Philippines Investors
“The onset of the pandemic has led to increased demand across customer income groups around the world for digital banking options. We’ve seen how digital banks like Zolve and Nubank have raised money in recent months to fill this need. This time, a startup from Africa has joined the party. TymeBank , a South African […]
Discovery Bank introduces virtual card, contactless payment
“Discovery Bank has become the latest financial institution to introduce a virtual bank card to offer clients additional levels of safety and convenience when transacting. The bank’s latest offering comes on the back of increasing demand for online and contactless payments in recent months, with many people opting out of making cash payments or using touch point-of-sale […]
South African Banks Prepare to Phase out Paper Cheques
“The humble paper cheque may be on the verge of extinction in South Africa, as banks begin moves to phase out the age-old method of exchange in favour of cards and digital payment mechanisms. Major banks Nedbank, FNB and Absa have already announced plans to discontinue the use of outdated cheque payments beginning in January […]
South Africa’s MTN Allows Customers to Pay for Online Shopping Using Mobile Money
“South Africa’s MTN is branching into the online shopping space by providing its customers with the option to pay for online purchases using mobile money payment instead of a bank card. The spread of COVID-19 has accelerated the adoption of mobile financial services, which are increasingly being recognised as a means to mitigate the use […]
Wirecard’s Digital Payment Product Launches In South Africa
“Wirecard is now in South Africa after its digital payment product, SecureEFT, was introduced. Thanks to the payment service from Wirecard South Africa consumers will be able to make online payments directly into a bank account. Besides facilitating transactions, the service is said to provide real-time notifications to customers during payments.”
Biometric ATMs extend banking services
“FNB has launched a mini-ATM that uses biometrics as a means of consumer validation, a move the bank believes is a first for South Africa. The TouchPoint device functions as a self-service kiosk from which customers can conduct transactional banking such as withdrawals, transfers and payments, view statements, purchase airtime and electricity and perform card cancellations. […]
On The Wires
nbsp;South Africa’s Mama Money Expands Global Reach With Western Union – Customers Can Now Send International Money Transfers To 200 Countries And Territories Via The Mama Money Mobile App
“Western Union, a leader in cross-border, cross-currency money movement and payments, and Mama Money, a rapidly growing international money transfer company, have joined forces to enable Mama Money customers to send money to their loved ones around the world via Western Union’s Global Network. This collaboration will gear Mama Money’s more than 500,000 customers in […]
Mastercard and EasyPay take the friction out of bill payments
“South Africans can now buy prepaid utility services or pay their accounts from approximately 600 bill issuers with the new EasyPay Mobile app using Masterpass, the global digital payment service from Mastercard. Announced today at the Mastercard Connecting Tomorrow Forum in Barcelona, this collaboration marks a significant milestone in Mastercard’s strategy to displace cash and […]
Mastercard And Entersekt Enable All-In-One, Scan-To-Pay Feature In Nedbank App
“Mastercard and Entersekt have collaborated to enable Nedbank’s customers to make QR payments to Masterpass, Pay@, SnapScan, and Zapper merchants and billers through the Nedbank Money app, whether they are paying online or at a physical point of presence. This market-first development means that Nedbank Money users need just one smartphone app for all major […]