Absa, majority-owned by Barclays, has become the first bank in South Africa to launch contactless payment technology.
The service will enable customers to pay for low-value purchases by tapping their cards against a reader, without using their PIN or providing a signature.
While consumers are expected to benefit from the convenience of contactless technology, retailers will also enjoy greater efficiency at points of sale.
A number of contactless payment products will be introduced as part of the initiative, including Absa chip and PIN credit and debit cards.
Contactless technology will also be used on Absa prepaid cards and transit payment cards offered in partnership with Johannesburg’s Rea Vaya bus system.
Simon Just, General Manager of Card Consumer Issuing at Absa, said: “This is truly a great achievement for Absa as we will have the first retail contactless payment solution in the market.
“This offering is designed to provide consumers with speed and convenience at point of sale and merchants will also enjoy the benefits of faster throughput and efficiency at till points.”