AfricaPress-Tanzania: STANBIC Bank Tanzania has become the first bank to launch contactless debit cards in the country.
The card allows customers to tap their cards to complete a payment transaction, instead of inserting the card into a point-ofsale machine and entering a PIN.
Stanbic Head of Personal and Business Banking, Mr Brian Ndadzungira said on Wednesday that introduction of the cards improves customer convenience, with shorter transaction times and remove the need to withdraw or handle cash.
“The introduction of this payment method is intended to make it easier, safer, and faster for our customers to transact,” Mr Ndadzungira said.
Purchase transactions with a PIN usually takes around 30 seconds, while a contactless payment takes about 10 to 15 seconds to complete.
Every purchase is secure, protecting both the data and the account of the customer.
Customers will receive a contactless Visa card on the first application for a new card, or when they renew or replace their existing card. The ‘tap-to-pay’ Visa cards are accepted locally and globally at merchants, including retail stores, fast food restaurants, pharmacies, grocery, convenience stores and at transit locations.
“We strive to be at the forefront of new technology that will make the customer’s life safer and easier. “We are equipped with the type of payment methods that customers require and will continue to build upon as we understand that merchants accepting contactless transactions are also increasing every day,” said Mr Ndadzungira.
Some suppliers claim that transactions can be almost twice as fast as a conventional cash, credit, or debit card purchase. Because no signature or PIN verification is typically required, contactless purchases are typically limited to small value sales.
Lack of authentication provides a window during which fraudulent purchases can be made while the card owner is unaware of the card’s loss.
Stanbic Bank Tanzania is part of the Standard Bank Group, Africa’s largest bank
