Banking

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Samsung Pay in South Africa – The thorough checks it went through

Samsung started discussing the launch of its mobile payments platform, Samsung Pay, with the Payments Association of South Africa (PASA) at last two years ago. “The big question for us was whether there would be any changes to the existing rules we have in place for card payments,” said PASA CEO Walter Volker. For instance, PASA has certain requirements for different cardholder verification methods. These vary depending on whether chip

Standard Bank’s Shepherd to shut down

Standard Bank-backed online escrow service Shepherd is shutting down, according to a post on its website. The post, shown below, states that “Shepherd is currently in the process of closing down”. “As a result, we will not be processing any new payments or transactions.” Shepherd came to prominence in South Africa in 2015, when it was promoted as a way to facilitate safer transactions. It eliminated the need for face-to-face meetings when users

We went shopping and tried to pay by cheque – all stores told us to get lost

FNB recently stated that the use of cheques was rapidly declining in South Africa. The reason: customers are moving to digital payments, said the bank. Digital payments offer more security over cheques, along with lower expenses and more efficient processes. FNB added that banks have provided numerous incentives to encourage customers to use digital payment channels – as digital payments cost much less to process – which has sped up the

Samsung Pay launches new promotions

Following Standard Bank recently joining Samsung Pay’s early-access programme in South Africa, the company has launched new promotions. Standard Bank cards supported during early access are Mastercard credit and cheque cards. The following Samsung devices currently support Samsung Pay locally: Galaxy Note 8, S9, S8, S7, A8, and A5/A7 (2017 Edition). The Samsung Galaxy Note 9 will also be supported when it launches. The new promotional campaigns for Samsung Pay in

Samsung Pay is my new favourite payment method

Recently, I attempted to survive a weekend out in Johannesburg with only my smartphone to make payments. Samsung Pay proved to be the most effective solution for my mobile payments, as it was compatible with NFC-ready payment machines and can use Magnetic Secure Transmission (MST) to mimic a normal card swipe. The platform is still in its early-access phase in South Africa, but I have found myself using it wherever

I spent a weekend out in Joburg with only my smartphone to make payments – This is what happened

With the growing adoption of smartphone-based delivery and payment services, I often find myself reaching for my smartphone instead of my wallet to make a payment. Whether I am ordering food, paying a bill, or buying a drink at a bar, my experience is always quicker and easier when paying with my smartphone. However, smartphone-based payments are not supported everywhere – and require businesses to invest in compatible point-of-sale systems.

Cheque payments are rapidly becoming obsolete

The use of cheques is continuing to decline in South Africa as customers move to digital payments, according to FNB business analyst Kenneth Matlhole. “Over the years, the growing usage of electronic payment methods, high expenses, inefficient processes, and vulnerability to fraud have been key contributors to the global decline in cheques usage,” said Matlhole. “In addition, cheques do not offer users the convenience and relative security provided by digital

Absa ATMs offer Chinese, but not Afrikaans

Many Absa clients have complained that they faced strange language choices when using newly-rebranded Absa ATMs. When using an Absa ATM, the users were given the following language choices: English, French, Spanish, German, Portuguese, and Chinese. Afrikaans clients took to social media to complain about the lack of their home language, blaming Absa for poor customer service. Absa’s head of physical channels Tshiwela Mhlantla responded, saying a system error caused

Standard Bank launches South Africa’s first virtual card ecosystem

Standard Bank announced that it has launched Africa’s first virtual card ecosystem. The bank has also launched a partnership with Samsung to enable the Samsung Pay wallet for customers with compatible smartphones. The Standard Bank virtual card is accessible through the bank’s mobile app, where it can be created and topped up with cash on an ongoing basis. Standard Bank said the virtual card can be a Standard Bank card

Why South Africa’s payment system cannot be replaced by blockchain yet

The Payments Association of South Africa (PASA) is watching developments in the cryptocurrency and blockchain space closely, CEO Walter Volker told MyBroadband. Volker said they paid close to R2 million for an expert in the field, showing that they are taking new developments in blockchain technology extremely seriously. “Our own view at this stage is that it’s not quite there yet as a replacement for the national payment system,” said