Standard Bank launches South Africa’s first virtual card ecosystem

10 August 2018

Money Transfer

Standard Bank announced that it has launched Africa’s first virtual card ecosystem.

The bank has also launched a partnership with Samsung to enable the Samsung Pay wallet for customers with compatible smartphones.

The Standard Bank virtual card is accessible through the bank’s mobile app, where it can be created and topped up with cash on an ongoing basis.

Standard Bank said the virtual card can be a Standard Bank card or a co-branded card with one of its ecommerce partners – including Takealot, Travelstart and Zando.

“At the moment, very few South Africans shop online and those that do, tend to use a credit card or only pay cash-on-delivery,” said Standard Bank head of emerging payments Wendy Pienaar.

“Trust, security, and control are some of the reasons for this trend. However, a safe, secure virtual card completely changes the conversation.”

The virtual card can be used on any local websites and will soon be compatible with international platforms.

“We want to make sure that Standard Bank’s payment solution becomes the preferred choice for digital experiences – it can be plastic, virtual, tap to pay, or Samsung Pay,” said Standard Bank SA head of card issuing Ethel Nyembe.

“Customers retain their plastic, but we are making sure people who want to go beyond normal cards can now participate in an exciting online shopping world which is getting bigger every day.”

Standard Bank’s Samsung Pay partnership also allows Samsung phone users to pay with their smartphones at any retail store in South Africa where the Mastercard or Visa tap-to-pay logo is displayed.

Source: My Broadband