The African subsidiary of Barclays, Absa, is
about to introduce a contactless payment service.
Absa Bank has been trialling the contactless
cards for nine months and is now getting ready to issue contactless
cards in branches to the wider public.
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Absa is going to offer consumers the choice
between a contactless debit and prepaid card.
Besides paying for purchases at retail stores,
cardholders will also be able to pay for cab fares.
In addition, the bank is tapping into the
contactless mobile payment potential, although further details have
not been revealed yet.
Customers will be able to debit their card
with funds from POS devices, an ATM or online.
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By GlobalDataThe limit for payment via POS is capped at
ZAR200 ($29.56).
The maximum amount a cardholder can debit
their card with is ZAR1,500 and there is a total monthly
transaction limit of ZAR3,000.
The cap corresponds to the special exemption
from the South African Financial Intelligence Centre Act’s
provisions to issue contactless cards to underbanked consumers.
