KAMPALA – Stanbic Bank has launched an upgraded contactless Visa card with the latest technological applications that will enable customers to tap their cards to complete a low value payment transaction.
The move geared towards supporting the shift from cash towards contactless payment methods has only been accelerated by the Coronavirus pandemic and will continue to grow under the new normal.
The cards will be accepted locally at all merchant outlets accepting contactless payments including retail stores, fast food restaurants, convenience stores and Point of Sales machines globally with a Visa contactless functionality.
Unlike the usual where customers have been inserting a card into a point-of-sale machine and entering a PIN, they will now be using finger prints to complete transactions.
Speaking during the launch, Mr. Israel Arinaitwe, the Head of Personal Banking at Stanbic said, the new ‘tap and go’ cards will allow customer’s funds to be deducted directly from a linked bank account within the set card limits.
He explains that the bank strives to be at the forefront of new financial innovation and technology to make customers remotely access bank services.
“These contactless cards are embedded with specialized chip and wireless antenna utilizing Near Field Communication technology that enables a seamless payment process with increased security to allow customers keep their card with them rather than handing to the cashiers and having to enter a PIN or sign a slip,” he shared.
Arinaitwe added that the introduction of this method of payment is intended to make it easier, safer, and faster for their customers to transact.
“The cards improve customer convenience, with shorter transaction times and remove the need to withdraw or handle cash. Security is also improved as a customer keeps their card with them rather than handing it to someone else.”
He shared that in order to protect and safeguard the bank customers from fraudulent activities, all the contactless cards customers will be provided with a biometric digital ID to use when performing any transactions as they believe that this the perfect solution to providing an enjoyable customer experience with a high level of security.
“As we adjust to the new normal, the bank is dedicated to providing a comprehensive and seamless customer experience, reduce cash dependency and ultimately increase the adoption of digital payments and transaction platforms,” Arinaitwe said.
He added; “Stanbic Bank is enabling this payment capability for customers across 15 countries and I am glad to say our customers in these markets are quickly embracing the contactless payment method.”