Stanbic Launches Contactless Debit Cards And POS Machines

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By Business Reporter

LEADING financial services institution, Stanbic Bank is set to launch contactless debit cards and POS machines as the institution pushes ahead with its highly innovative technology advancement approach under the “new normal” accelerated by Covid-19.

Head of personal and business banking, Patson Mahatchi said the “Tap and Go” debit cards and point of sale machines were symbolic of how Stanbic adheres to its customer-centricity nature especially in this 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. 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 Mahatchi.

He noted that contactless payment technology-supported cards featuring “Tap and Go” is highest in Canada with 99% 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.

Mahatchi said contactless-enabled payment is safe, quick, simple, and convenient and is available to merchants locally and internationally.

“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,” said Mahatchi.

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.

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 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 it stays relevant in the “new normal”.

As the world continues to reel under the menacing Covid-19 pandemic, Stanbic has introduced innovative technologically sound products that ensure the safety of their clients as they do their business and transactions.

Stanbic recently stepped up the functionality of FCAs on digital banking platforms in addition to launching a technologically advanced application that allows account holders to pay bills and make in-store purchases on their phones using QR code scanning technology called SlydePay.

Mahatchi said the introduction of these products is part of a well thought out digitization strategy that offers convenience to customers and ensures that clients are beneficiaries of quality banking technologies.