American Express has launched vPayment in the South African market, offering travellers and travel agents a safe, simple and reliable way to pay for their travel bookings. vPayment controls and streamlines the payment and reconciliation process by assigning a unique American Express virtual account number and user-defined expense information to each transaction. A bespoke transaction
The Tribunal has approved a large merger, without conditions, whereby Absa Bank Ltd (Absa) seeks to acquire Société Générale SA (SocGen) Johannesburg branch in respect of target assets. Absa is a wholly owned subsidiary of Absa Group Ltd (Absa Group). Absa is listed as a regional African banking and insurance business. It offers a complete
New collaboration to modernize global money movement for expedited cross-border money transfers. Visa has announced a new strategic agreement with Western Union, a global leader in cross-border, cross-currency money movement. Western Union will implement Visa Direct, Visa’s real-time1 push payments platform in an effort to bring speed and transparency to the process of sending money
Through the WorldRemit website and app SMEs can now quickly and securely transfer money to pay employees and contractors in 140 countries including South Africa. Leading digital money transfer company WorldRemit has launched WorldRemit for Business, a new service that enables small and medium-sized business owners to quickly pay their employees and contractors in 140
As changes in consumer behavior continue being rapid in the banking sector, technologies such as big data, IoT, machine learning, and mobile devices remain highly disruptive on the market. Simultaneously, security breaches continue to grow daily, placing both businesses and consumers at risk. This convergence of forces is having profound impacts on the way people
A new study from Juniper Research has found that the number of people using digital wallets will increase from 2.3 billion this year to nearly 4 billion, or 50% of the world’s population, by 2024. This in turn will push wallet transaction values up by more than 80% to more than $9 trillion per annum.
The MD of GCB Bank, Anselm Ray Sowah has stated that GCB’s strong performance has increased significantly despite the challenges in the banking industry. He explained that the Bank had to deal with challenges as a result of cost hike and attendant low profit associated with the Purchase and Assumption of two banks in 2017.
Standard Bank is leveraging its digital capabilities to create superior digital platforms that enhance customer experience and enable easy and affordable access to banking services. As part of this, the bank has launched several innovative and digital firsts. This week Standard Bank introduces a R4.95p/m bank account called MyMo that customers can open on their
The specification enables the creation of a virtual payment terminal and the icon facilitates easy consumer recognition of remote-checkout environments that offer a consistent card-based payment acceptance experience. EMVCo has released EMV Secure Remote Commerce (SRC) Specification v1.0, which is available for free public download from the EMVCo website. The specification provides a foundation that
Contactless cards will account for 57% of payment cards worldwide by 2023 as issuers increasingly offer them as standard, and acceptance grows to reflect customer demand. Issuers offer contactless functionality to persuade customers to use cards instead of cash Research from RBR’s Global Payment Cards Data and Forecasts to 2023 shows that issuers across the
