Absa launches Mobile Pay — Turn your smartphone into a card machine
Absa has launched the Absa Mobile Pay app, allowing users to turn their Android smartphone or tablet into a Point of Sale (POS) device to accept payments.
The bank has rolled out the app in conjunction with technology firm Wizzit Digital.
Absa Mobile Pay is specifically aimed at small to medium enterprises seeking a cost-effective solution with no monthly device rental or callout fees for POS terminal repairs.
Absa said the solution requires only the app, which can be downloaded from the Google Play Store, with no additional hardware, plug-ins, card readers or dongles necessary.
The only requirement is that the device should support Android 7.0 (Nougat) or more later and has Near-Field Communication (NFC) capability for contactless payments.
Managing executive for relationship banking at Absa Retail and Business Bank, Faisal Mkhize, said the solution is simple and easy to use.
“The merchant merely enters the amount due on their Android smartphone or tablet, and the customer can pay for the product or service by tapping their contactless debit or credit card on the merchant’s device,” Mkhize said.
Merchants can securely accept any card payment with no limitation on the amount. Only the shopper’s limits will apply.
For contactless transactions over R500, a PIN will be required, which can be typed into the app by the customer.
All transaction information can be viewed in the app, while merchants can also send customers a receipt via email, SMS, or WhatsApp.
Mkhize told MyBroadband Absa charges the merchant a fee of 2.75% of the value of the transaction.
All Absa bank accounts are eligible to sign up for Mobile Pay, but the bank believes the feature will be of particular value to its Business Evolve Core customers.
According to Mkhize, Absa onboarded around 7,000 customers during the app’s pilot phase.
Several thousand transactions have already been processed using the app, with an average value of R110 per transaction.
One of the companies that has lauded the app is Mula Mobile, a platform that provides small businesses with the opportunity to earn commission by reselling airtime, electricity, games, starter packs, and vouchers.
General manager Riaan Peens said the app was a “no brainer” considering Mula Mobile’s focus on the low income and informal market.
“As a result, we are able to assist thousands of small businesses to accept card payments and grow. A method that was once out of reach is now a reality for our clients,” Peens said.
Absa said the app has been certified by Mastercard and Visa with regard to functional, security and branding requirements.
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