Stanbic Bank Uganda on Wednesday launched their contactless Visa card that will allow its customers to tap their cards to complete a low value payment transaction, instead of inserting a card into a point-of-sale machine and entering a PIN. The card will be accepted locally at all merchant outlets accepting contactless payments including retail stores, fast food restaurants, convenience stores and Point of Sales machines globally with a Visa contactless functionality.
Stanbic customers who have currently applied for a new card, renewed or replaced their existing cards will receive the contactless Visa cards.
Mr. Israel Arinaitwe, the Head of Personal Banking at Stanbic Bank Uganda while at the launch of the cards said, the new ‘tap and go’ cards will allow its customer’s funds to be deducted directly from a linked bank account, and within the set card limits.
“These contactless cards are embedded with specialized chip and wireless antenna utilizing Near Field Communication (NFC) technology that enables a seamless payment process with increased security to allow customers keep their card with them rather than handing to the cashiers and having to enter a PIN or sign a slip,” said Arinaitwe.
With these cards, while making a payment, the card creates a unique transaction code to make secure payments between a contactless card and a contactless-enabled checkout terminal. The contactless cards will also carry Visa card logo to indicate their contactless capability. The introduction of this method of payment is intended to make it easier, safer, and faster for our customers to transact, Arinaitwe urged. “The cards improve customer convenience, with shorter transaction times and remove the need to withdraw or handle cash. Security is also improved as a customer keeps their card with them rather than handing it to someone else.”
To protect and safeguard the bank customers from fraudulent activities, Arinaitwe said their contactless cards customers will be provided with a biometric digital ID to use when performing any transactions. In that it is the perfect solution —providing an enjoyable customer experience with a high level of security.
Stanbic Bank is enabling this payment capability for customers across 15 countries (Uganda Inclusive). Arinaitwe emphasizes that the roll-out of the new cards is in line with their customers’ increasing preference for solutions that add ease and convenience to their lives.
“The shift away from cash and towards contactless payment methods has only been accelerated by the pandemic and will continue to grow under the new […]