Stanbic Bank Uganda yesterday launched an upgraded contactless Visa card with the latest technological applications that allows customers to tap their cards to complete a low value payment transaction, instead of inserting a card into a point-of-sale machine and entering a PIN.
Customers who have currently applied for a new card, renewed or replaced their existing cards will receive the contactless Visa cards that 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.
Speaking during the launch, 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, and within the set card limits.These contactless cards are embedded with specialised chip and wireless antenna utilising 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,” said Arinaitwe.
He said the introduction of this method of payment is intended to make it easier, safer, and faster for the bank’s 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.”
Usually purchase transactions with a PIN often take around 30 seconds, while for contactless payment it will take about 10 to 15 seconds from start to end.
Every purchase is secure, protecting both the data and the account of the customer. However, merchant terminal will not accept two payments in quick concession of each other for the same purchase amount, Mr. Arinaitwe explained.
“We believe that this the perfect solution to providing an enjoyable customer experience with a high level of security. 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,” he said.