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First dual prepaid smart card in South Africa launched

South Africa’s ABSA Bank is introducing a new prepaid MasterCare contactless payment card with PayPass. It will be the first launch of dual-interface payment technology that would enable both contact and contactless payment transactions on the African continent. Dual interface cards are already being used by banks in Europe, Asia, Middle East and Canada.
 ABSA Bank new prepaid MasterCard in business in Africa
 
 
South Africa’s ABSA Bank is introducing a new prepaid MasterCare contactless payment card with PayPass. It will be the first launch of dual-interface payment technology that would enable both contact and contactless payment transactions on the African continent. Dual interface cards are already being used by banks in Europe, Asia, Middle East and Canada. The card has been designed for use in retail outlets throughout South Africa to offer consumers increased convenience and speed at the point of sale (POS), while giving retailers the benefit of faster till points and providing a secure alternative to cash. The card can also be used as a transport token in South Africa's new integrated transport system, implemented by the National Department of Transport. Customers can load money onto their card either using cash or directly from a bank account, via a POS terminal, transit kiosk, Internet banking or an ATM. The balance on the card will be limited to R1500 (USD$210) at any time and a maximum of R3000 ($420) may be loaded on the card per month. Each transaction will be limited to R200 ($28) and the card is also available to customers without an ABSA account. ABSA has chosen French secure technology supplier Oberthur Technologies as the supplier of this card. Julia Schoonenberg, payment business director for Russia, Middle East and Africa, Card Systems Division of Oberthur Technologies, said: “We are especially proud to participate in the deployment of the new prepaid MasterCard from ABSA Bank. This card is the first of its kind in South Africa and demonstrates the commitment of both ABSA Bank and Oberthur Technologies to innovation by providing new solutions, which benefit the daily lives of ABSA’s customers.” The card is currently being piloted and will be rolled out early 2011.


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