Absa Rolls Out A Tap to Pay Service to Boost Digital Innovation

By Soko Directory Team / Published April 10, 2021 | 11:36 am




KEY POINTS

Absa Bank Kenya has rolled out a contactless payment solution with the launch of a new vertical card.




Absa Bank Kenya has rolled out a contactless payment solution with the launch of a new vertical card. The move is aligned with the bank’s growth and transformation strategy with the aim to enhance customer experience.

The new service enables customers to enjoy a fast, easy and secure way to pay for goods and services by tapping their Absa Cards on a point of sale (POS) machine, after which the transaction is completed. This solution allows for quick check out at retail outlets such as fuel stations, supermarkets, and restaurants among others.

Speaking about this new payment solution, Absa Managing Director Jeremy Awori said, “delivering a differentiated customer experience and innovative solutions that bring possibilities to life for the customers’ community remains at the core of our growth, transformation, and business strategy. We are excited to roll out the Absa contactless -tap & pay service in Kenya, which is an easier and safer way for our customers to do their transactions.”

The COVID-19 pandemic has fast-tracked the adoption of digital money systems thus making digital payments critical. With the worldwide outbreak of the virus and the necessary mitigation measures set by the government, the use of digital payments has accelerated and the bank continues to encourage customers to use contactless payment channels.

“In many ways, this move is expected to boost digital payment acceptance at small informal enterprises and merchant outlets across the country, while supporting consumers’ preference for contactless payments amidst social distancing and upholding set COVID-19 guidelines,” said Mr. Awori.

Despite these challenges, the bank continues to pioneer financial innovations, constantly pushing the boundaries of technology in a bid to offer a differentiated customer experience.

Other than speed and convenience, the Absa contactless cards use the same secure technology as traditional Chip and PIN. A customer can perform a maximum of 4 contactless transactions without keying in their PIN per day after which they will be automatically asked for a PIN for any other contactless transactions. However, a PIN is required for any transactions above KES 2,000. In addition, contactless technology requires a cashier to initiate the payment on their system before a transaction on a customer card can take place.

The increase in digitization and consumer preference for innovative payment systems like mobile payments are some of the most significant factors boosting the contactless payment market. Additionally, with cash no longer being king, there is a niche to be filled with the growing appetite for contactless payment solutions that prevent cash handling.

The introduction of the contactless cards is the latest in a series of highly innovative technology advanced products that Absa plans to spearhead this year as it aligns with the new normal.





About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

View other posts by Soko Directory Team


More Articles From This Author






Trending Stories










Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE



ARCHIVES

2021
  • January 2021 (182)
  • February 2021 (227)
  • March 2021 (325)
  • April 2021 (261)
  • May 2021 (104)
  • 2020
  • January 2020 (272)
  • February 2020 (310)
  • March 2020 (390)
  • April 2020 (321)
  • May 2020 (335)
  • June 2020 (327)
  • July 2020 (334)
  • August 2020 (276)
  • September 2020 (214)
  • October 2020 (233)
  • November 2020 (242)
  • December 2020 (187)
  • 2019
  • January 2019 (253)
  • February 2019 (216)
  • March 2019 (285)
  • April 2019 (254)
  • May 2019 (272)
  • June 2019 (251)
  • July 2019 (338)
  • August 2019 (293)
  • September 2019 (306)
  • October 2019 (313)
  • November 2019 (362)
  • December 2019 (319)
  • 2018
  • January 2018 (291)
  • February 2018 (213)
  • March 2018 (278)
  • April 2018 (225)
  • May 2018 (237)
  • June 2018 (178)
  • July 2018 (256)
  • August 2018 (249)
  • September 2018 (256)
  • October 2018 (287)
  • November 2018 (284)
  • December 2018 (186)
  • 2017
  • January 2017 (183)
  • February 2017 (194)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (205)
  • July 2017 (190)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (165)
  • February 2016 (165)
  • March 2016 (190)
  • April 2016 (143)
  • May 2016 (245)
  • June 2016 (182)
  • July 2016 (271)
  • August 2016 (248)
  • September 2016 (234)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (166)
  • April 2015 (108)
  • May 2015 (116)
  • June 2015 (120)
  • July 2015 (148)
  • August 2015 (157)
  • September 2015 (188)
  • October 2015 (169)
  • November 2015 (173)
  • December 2015 (207)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950