BUSINESS TECHNOLOGY MEDIA COMPANY
Companies
Sectors

TymeBank introduces secure contactless card payments

Read time 2min 50sec

Digital-only bank TymeBank has collaborated with global augmented identity firm IDEMIA, to offer customers a secure, safer and convenient way to make transactions using their bank card.

TymeBank, which has reached over 2.5 million customerssince its launch in February 2019, says it is workingtirelessly to ensure a secure suite of banking services is continuously made available to its customers.

Headquartered in Courbevoie, France, IDEMIA serves clients in 180 countries, leveraging biometric authentication for verified identities and secure financial transactions for organisations across sectors, including financial, telecom, identity, public security and Internet of things.

The companies say they are working together to provide customers with dual interface Europay, Mastercard and Visa (EMV) chip cards which facilities secure biometric transactions at point-of-sale (POS) and also supports a contactless payment feature for the consumer.

TymeBank’s latest offering comes on the back of increasing demand for online and contactless payments in recent months, with many consumers opting out of making cash payments or using touch POS machines, amid fears of the spread of COVID-19.

Since the onset of the COVID-19 pandemic, 89% of South African respondents to a Mastercard survey said they prefer using contactless payment options when making payments at merchants.

“Our partnership with IDEMIA is to the benefit of our customerswho value our offering as TymeBank makes banking simple and secure,” says Cheslyn Jacobs, head of sales and service at TymeBank.

“We equip our customers with a contactless EMV bank card that delivers a safe payment experience in a secure and convenient manner. This is true to our ethos of ensuring that banking is made accessible to everyone in SA.”

TymeBank is majority owned by ARC Financial Services Holdings, a company within Patrice Motsepe’s Ubuntu-Botho Investments stable. The bank has no branches and its core banking system is hosted in the cloud.

IDEMIA has a full service, card personalisation centre in Johannesburg, and the company says it has been working closely with South African banks for over 10 years, to ensure bank cards are delivered securely and quickly to consumers, enabling them to fulfil everyday transaction needs.

Its range of EMV offerings covers issuer needs in terms of services, including card activation through a smartphone (contactless payments), scheme certification (international and domestic), form factors (cards, modules, wearables, functionality and applications), transport payments and loyalty programmes.

“We are honoured by the trust TymeBank places in us and our solutions,” says Julia Schoonenberg, senior VP financial institutions, IDEMIAMEA.

“As a global leader in secure payment technologies, IDEMIA has a proven track record of working with banking customers in both physical and digital spaces. We are proud to support TymeBank in their mission to enhance convenience and payment security for even more people in South Africa.”

In recent weeks, SA has seen a growing list of financial services institutions introducing contactless payments for individual and business customers, with one of the key benefits being the high-tech security. Capitec, First National Bank, MasterCard, Discovery Bank and Standard Bank are among the organisations that have rolled out virtual bank cards as part of their payments ecosystem.

See also