TymeBank, South Africa’s first digital-only bank, has teamed up with IDEMIA, a global player in augmented identity, to deliver a secure way for customers to acquire bank cards.
Working closely with IDEMIA, TymeBank will continue to onboard approximately 120 000 customers per month and strive to ensure that a secure suite of banking services is continuously made available to its customers.
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By GlobalDataUsing biometric authentication and other innovative technology solutions, IDEMIA delivers verified identities and secure transactions for people worldwide.
Deal struck ahead of the fraud-prone holiday shopping season
In a survey this year, 75% of South Africans are turning to contactless payments citing hygiene reasons.
The EMV card, which facilities secure transactions at Point-of-Sale (POS), also supports a safe and contactless payment experience for the consumer. This way of transacting is set to become more important with the upcoming holiday season, as an increasing number of consumers choose to do contactless payments.
Since the onset of the Covid-19 pandemic, 89% of South African respondents in the same survey say they prefer using contactless payment options.
TymeBank debit cards are issued at self-service kiosks, which are stationed at Pick ’n Pay and Boxer stores around the country.
“The verification process is a key step towards fighting identity fraud”
A TymeBank customer can open an account and collect the bank card at their convenience after successfully verifying their identity with a valid South African ID number.
The verification process is a key step towards fighting identity fraud, the partners said. Since the start of the pandemic this has resulted in an estimated cost to the South African economy of over 1bn rand.
“TymeBank has reached yet another key milestone, now that the bank has onboarded 2.5 million customers since our launch in February 2019,” said Cheslyn Jacobs, Head of Sales and Service at TymeBank.
