By Our Reporter
Stanbic Bank Uganda has launched an upgraded contactless Visa card with the latest technological applications that allows 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.
Customers who have currently applied for a new card, renewed or replaced their existing cards will receive the contactless Visa cards that 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.
Speaking during the launch, Mr. Israel Arinaitwe, the Head of Personal Banking at Stanbic said, “the new ‘tap and go’ cards will allow 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 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.”
Arinaitwe further explained that, “during this process, 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 customers to transact. “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.” He noted.
According to Israel Arinaitwe, all contactless cards customers will be provided with a biometric digital ID to use when performing any transactions to protect and safeguard them from fraudulent activities.
“The bank strives to be at the forefront of new financial innovation and technology to make customers remotely access bank services. As we adjust to the new normal, the bank is dedicated to providing a comprehensive and seamless customer experience, reduce cash dependency and ultimately increase the adoption of digital payments and transaction platforms,” Arinaitwe concluded.