Planet Payment and Absa Collaborate to Deliver Multi-Currency Pricing in South Africa

Planet Payment, Inc., a leading provider of international and multi-currency payment processing services, has teamed up with Absa, one of South Africa’s largest financial groups, and CyberSource, a global payment gateway and merchant provider, to implement Shop in Your Currency, Planet Payment’s Multi-Currency Pricing Solution, in South Africa. “This solution allows retailers to localise their

SA Banks Hit with R125 Million Fine

The South African Reserve Bank (SARB) conducted AML/CFT (Anti-money laundering and combating the financing of terrorism) inspections at Absa Bank Limited (Absa), FirstRand Bank Limited (FirstRand), Nedbank Limited (Nedbank), and The Standard Bank of South Africa Limited (Standard Bank). In terms of the Financial Intelligence Centre Act, No. 38 of 2001 (FICA), the SARB is

ABSA Launches Payment Pebble

South Africa’s ABSA bank has announced the launch of its Payment Pebble, a device that allows businesses and vendors to accept card payments through a smartphone. The device allows businesses to accept chip-and-PIN and magstripe-and-PIN payments from Mastercard and Visa cardholders. “The Payment Pebble is a compact, mobile device that simply plugs into the audio

Absa Goes All Digital

Absa, wholly owned by Barclays Africa Group, is making the transition to a fully digital financial services provider. Updating existing and developing completely new technologies will transform the way South Africans bank and set Absa apart from anything that most traditional banks offer, end-to-end. The bank announced this at a press event held in Rosebank

Cards and Payments World Africa 2014

Cards and Payments World Africa 2014 is taking place this week on the 18th and 19th of March at the Johannesburg Convention Centre. It is the place where Africa’s payment specialists meet to discuss the challenges and opportunities in the industry. The show will feature 1200 attendees with 200 VIPs and 80 exhibitors. There will

Absa Invests in Peer-to-Peer Lender RainFin

RainFin, a South African peer-to-peer lending platform, has announced that Absa Bank have acquired a 49% stake in their business. The investment, cited to be in the tens of millions, will be utilised to support working capital, credit and risk expertise and access to liquidity as well as to grow the business and improve offerings.

Absa Signs Mozambique Cooperation Agreement with Sumitomo Mitsui Banking Corporation

Absa Bank, a wholly-owned subsidiary of JSE-listed Barclays Africa Group, welcomes the announcement by the president of Sumitomo Mitsui Banking Corporation (SMBC), Mr.Takeshi Kunibe, that will result in further business cooperation between the two banks. The latest cooperation agreement signed on 12 January 2014 in Maputo, Mozambique, focuses on the development of Mozambique’s natural resources,

Absa Multi-currency Card Excels

Since its launch in May this year, Absa’s Multi-currency prepaid travel card has generated 12 000 card sales and more than R250 million in transactions. From a zero base six months ago, the service now accounts for 77% of all Absa travel card sales. In a first-to-market in South Africa, the cash passport allows South

Absa Invests R550-million in ATM Infrastructure Upgrade

Absa has committed more than R550-million to improve and enhance its ATM network and expand convenient self-service banking facilities for Absa and non-Absa customers alike. Absa operates the largest ATM footprint nationwide with more than 9000 conveniently located ATMs. The investment has ensured that all ATMs have enhanced functionality and industry-leading availability and uptime. Enhancements

Credit Card Breach in South Africa – Summary of Bank and PASA Responses

There was a massive breach in South Africa’s banks last week resulting in tens of millions of rands in losses. The breach was caused by a malicious malware called Dexter which was unknowingly installed on the POS terminals of a number of fast food chains. It is believed that the malware was implemented by an