Samsung Pay to add support for 5 more banks in 2019

Samsung has announced that it will add support for five more banks to its Samsung Pay platform next year. Speaking at a media event in Johannesburg, Samsung Pay Project Lead Philip Henning said the company expects to partner with five more banks in 2019 – including Investec and Discovery Bank. He also gave a timeline for Samsung Pay’s added bank support, stating that in the first quarter of 2019 Samsung will partner with Investec, Discovery Bank, and one other institution which he did not name. Samsung Pay will also add…

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The big “money mule” problem in South Africa

The South African Fraud Prevention Service (SAFPS) has issued a statement alerting the public to the dangers of being recruited as a “money mule”. A “money mule” is somebody whose bank account is used by another person or entity. This type of fraud is enabled by technology such as biometric identification, and results in the implication of innocent bystanders. “People on street corners are recruited as money mules with the promise of quick payments for the use of their banking account,” said SAFPS executive director Manie van Schalkwyk. These “money…

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Samsung Pay is coming to smartwatches in South Africa

Samsung has announced that it will launch support for compatible Samsung smartwatches on its Samsung Pay platform. Speaking at a media briefing in Johannesburg, Samsung Pay Project Lead Philip Henning said that Samsung Pay users will be able to pay for purchases with their Samsung smartwatch in the near future. “We will launch this new feature very shortly,” Henning said. This added support for wearable payments follows a recent overhaul of the Samsung Pay application and its user interface. Paying with a Samsung smartwatch only supports NFC technology, meaning you…

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Why Standard Bank security software shows online banking as “unprotected”

A reader recently contacted MyBroadband to ask about security software Standard Bank’s website had advised him to download. He was prompted to use IBM Trusteer software, but when he downloaded and tested it in Chrome, Firefox, and Internet Explorer, it showed Standard Bank’s online banking portal -onlinebanking.standardbank.co.za – as “unprotected”. Standard Bank’s normal website – standardbank.co.za – was shown as protected, however. “Even if I click on protect, nothing happens. Why does Trusteer protect a homepage, and when it comes to confidential information nothing is protected?” he asked. The software in…

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FNB launches South Africa’s first “Tap and PIN” ATMs

FNB announced that it will now offer customers the ability to conduct ATM transactions using a “Tap and PIN” method. This functionality removes the need for customers to insert their card into an ATM, instead allowing them to tap their NFC-compatible bank card and enter their PIN to complete the transaction. FNB estimates that the “Tap and PIN” feature will reduce the time it takes to make a withdrawal by up to 20 seconds per transaction. Additionally, this method of interacting with ATMs protects FNB customers from card-skimming devices. “In…

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FNB and fintech startup partner to connect informal traders

FirstRand Ltd.’s First National Bank and a startup financial-technology company in South Africa are partnering to connect informal traders in townships with fast-moving consumer-goods companies. FNB is seeking to tap into a market that it estimates could consist of as many as 1 million enterprises that have largely been ignored and falls into the “unseen economy,” the Johannesburg-based lender said in an emailed statement. Townships were created during apartheid on the outskirts of urban areas to separate blacks from whites until racial segregation ended in 1994. “With 50 percent of…

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Standard Bank Mobile launched – All the details

Standard Bank has announced the launch of its new mobile virtual network operator (MVNO) service, Standard Bank Mobile. Standard Bank Mobile will provide cellular and data services on Cell C and will also benefit from the recent roaming agreement with MTN. This service will be available exclusively to Standard Bank customers and will be offered on a month-to-month basis for R39 per month. The bank said its MVNO includes a unique offering – the ability for Standard Bank customers to convert bank charges into airtime or data. Customers can also…

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We tested Standard Bank’s Virtual Card system – and it was awesome

Standard Bank recently launched Africa’s first virtual card ecosystem, which lets users create a virtual bank card. The Standard Bank virtual card is accessible through the bank’s mobile app, with several card options on offer. This includes co-branded cards with one of its ecommerce partners – including Takealot, Travelstart, and Zando. “Customers retain their plastic, but we are making sure people who want to go beyond normal cards can now participate in an exciting online shopping world which is getting bigger every day,” said Standard Bank. To see how the…

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Bank Zero ready to take on Discovery Bank and TymeBank

Bank Zero is confident that its increased functionality, competitive fee structure, and easy-to-understand offering will be enough to compete in an increasingly crowded market. This is according to Lezanne Human, cofounder and executive director at Bank Zero, who said their innovative banking offer will include low costs and high interest for savings. The bank will be run entirely on a smartphone app that the company has built, removing the need for traditional banking structures like head offices or branches. Bank Zero has partnered with Mastercard to offer its clients a…

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New South African tech bank shootout

Discovery Bank was launched on 14 November, offering a completely digital banking service with products designed to improve the money management of clients. Discovery CEO Adrian Gore described the new venture as the world’s first “behavioural bank” which will reward clients for healthy life choices and good financial decisions. Some of these benefits include dynamic interest rates and “fantastic discounts” with Discovery’s commercial partners. Discovery Bank will offer a wide range of features through its smartphone app, including seeing all your accounts at a glance and setting up budgets and…

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