iAfrica.com Credit and cheque cards have traditionally been the platform of choice when making online or remote purchases. However, a new patented service called payD allows debit card users to also make remote or online purchases.
Locally developed by Oltio, a JV company owned by Standard Bank (SBK) and MTN, the new payD encryption technology allows debit card users to access the online payment solution by entering their bank issued debit card PIN on their handset or directly on the Internet. The first consumers to benefit are MTN's pre- paid airtime customers.
There has been incredible demand for this service since the launch two months ago. MTN have rolled out the functionality to their pre-paid customer base which allows customers to make pre-paid airtime purchases using their debit card and mobile handset by simply dialling *141*10# and following the prompts.
To date Standard Bank customers have been the major beneficiaries of the MTN Eazi Recharge product. Nearly 100 000 customers have signed on for the service. Standard Bank customers who register for MTN Eazi Recharge can currently get an extra 20% airtime free on their first top-up and all customers are currently getting an extra 10% FREE on all top-ups.
Users of the new payment option will also be able to make e-commerce and m-commerce transactions. In the past, only credit and cheque card holders could make purchases for airline tickets online as an example. Standard Bank has already acquired more than 140 merchants who will be able to offer products and services to customers wanting to make online purchases with their PIN based debit cards.
Sugendhree Reddy, Standard Bank Director of Banking Products says: "Credit cards have become ubiquitous with online purchases. The problem with this is that the convenience and safety that online purchases offer have been confined to customers who have access to a credit card or cheque facility. This has left many consumers out of the online transacting and purchasing loop. Students, vendors and casual workers for instance have the financial means and tools to make online purchases but have been excluded from this fast growing technology due to the fact that they do not have access to a credit card. Those with debit cards are now included by making use of payD."
Currently users of the payD-based payment option have access to products and services that range from online airline tickets sales to accommodation and computer accessories. With the net thrown wide open to more users, Standard Bank expects to see a significant growth in e-commerce transactions in the near future. This as technology, access to the web and a wider choice of payment solutions make it easier to transact.
Locally developed by Oltio, a JV company owned by Standard Bank (SBK) and MTN, the new payD encryption technology allows debit card users to access the online payment solution by entering their bank issued debit card PIN on their handset or directly on the Internet. The first consumers to benefit are MTN's pre- paid airtime customers.
There has been incredible demand for this service since the launch two months ago. MTN have rolled out the functionality to their pre-paid customer base which allows customers to make pre-paid airtime purchases using their debit card and mobile handset by simply dialling *141*10# and following the prompts.
To date Standard Bank customers have been the major beneficiaries of the MTN Eazi Recharge product. Nearly 100 000 customers have signed on for the service. Standard Bank customers who register for MTN Eazi Recharge can currently get an extra 20% airtime free on their first top-up and all customers are currently getting an extra 10% FREE on all top-ups.
Users of the new payment option will also be able to make e-commerce and m-commerce transactions. In the past, only credit and cheque card holders could make purchases for airline tickets online as an example. Standard Bank has already acquired more than 140 merchants who will be able to offer products and services to customers wanting to make online purchases with their PIN based debit cards.
Sugendhree Reddy, Standard Bank Director of Banking Products says: "Credit cards have become ubiquitous with online purchases. The problem with this is that the convenience and safety that online purchases offer have been confined to customers who have access to a credit card or cheque facility. This has left many consumers out of the online transacting and purchasing loop. Students, vendors and casual workers for instance have the financial means and tools to make online purchases but have been excluded from this fast growing technology due to the fact that they do not have access to a credit card. Those with debit cards are now included by making use of payD."
Currently users of the payD-based payment option have access to products and services that range from online airline tickets sales to accommodation and computer accessories. With the net thrown wide open to more users, Standard Bank expects to see a significant growth in e-commerce transactions in the near future. This as technology, access to the web and a wider choice of payment solutions make it easier to transact.
