South Africa: Absa bank launches QR Code payment to reduce physical transactions

Absa bank launched its contactless payment service via QR Code on its mobile application. This initiative is part of a campaign to reduce physical transactions.

In its press release on Wednesday April 28, the bank informed that customers registered on the Absa Mobile Banking application can now scan any QR code on the market, such as Zapper, SnapScan and Pay @. Absa said she would process payments securely, without having to download other service provider apps.

Any payment processing, she emphasizes, will be subject to customer authentication using the PIN code of their Absa Banking application. This is intended to give customers the peace of mind that all transactions are fully secure, the bank said.

Cowyk Fox, Retail & Business Banking Director of the South African bank pointed out that with this new formula, customers automatically benefit from the digital fraud guarantee. This action, he underlines, will make it possible to switch to the dematerialized transaction in a context of persistence of the coronavirus.

In 2020, Absa saw a 200% increase in contactless payments, while e-commerce levels doubled.

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