One of the country`s largest commercial banks, Absa, has introduced a new service, The Mobile Pay Express, allowing traders to process credit card payments using any cellphone, fixed landline or Web-enabled computer.
The bank says the new service reduces the need for traditional point-of-sale terminals, as the infrastructure needed to effect mobile transactions is readily available. Absa is targeting the service at small businesses, but the corporate market will also be offered tailor-made solutions.
MasterCard, Visa, American Express and Diners Club cards can be used with this service.
"We believe that all traders should have the opportunity to accept credit cards and by offering a secure and cost-effective alternative, more merchants can enjoy the benefits of accepting credit cards," says Alfie Naidoo, managing executive, Absa Card.
Representatives of credit card brands Visa International and MasterCard International have endorsed The Mobile Pay Express service.
"Absa and merchants share common customers, and the product will create a win-win situation by enabling both to better serve the customers in their respective portfolios," says Chris Winter, GM of Sub-Saharan Africa at Visa International.
Eddie Grobler, senior VP and GM of MasterCard International, says the target market is the service sector, niche vendors, traders who require secure and immediate payment for goods and services, as well as corporate companies requiring secure payments for deliveries.
Mobile traders do not require any additional software or hardware for The Mobile Pay Express service and it is not dependent on specific networks and no SIM/handset upgrades are needed.
Any tone-enabled handset or telephone can support this service and it provides the ability to receive credit card payments and process refunds anywhere and any time.
Multiple handsets can also be linked to a single handset, making it ideal for corporate and logistic companies, says the bank. Multiple traders can also be linked to a single handset making it useful for courier companies. Web maintenance of users and order tracking via the Internet is possible.
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