SA's largest retail bank by customer numbers has partnered with one of SA's long-standing fashion retailers to facilitate online shopping.
Absa this morning announced a partnership with Mr Price that will see the bank's online payment services extended to the retailer's customer base. Applicable to all Mr Price customers, Absa will provide a secure payment facility when shopping for apparel online.
Arrie Rautenbach, Absa's head of retail markets, says the “landmark deal” is a product of the bank's growing presence in the e-commerce industry. He says Absa has been the preferred card acquiring partner of the Mr Price Group since 1996, while the bank has seen year-on-year payment acceptance value growth of 142% through its e-commerce platform.
According to Absa, the partnership with Mr Price will see the bank develop an early fraud detection capability for the retailer's recently introduced online shop. Mr Price's online shop went live at the end of last month - a response to what the retailer termed an increasing uptake of online commerce in SA.
Absa says its fraud mitigation service will assist in combating online fraud to ensure customers' card accounts are not compromised.
“Online banking is one of the most successful stories to emerge from the advent of e-commerce. It provides unprecedented flexibility for consumers. However, for e-commerce to realise its full potential, consumers must have confidence in the security of online transactions,” says Rautenbach.
Payment portfolio
Absa has been edging forward in the payments space recently, instituting contactless and mobile payment solutions, such as contactless prepaid cards. The bank has also recently started marketing the pilot of a “one-touch” product - a near-field communication-enabled cellphone that serves as a payment device.
Absa says it continues to invest in its e-commerce capability with a number of “innovative” payment functionalities. These include One-Time Password that provides Absa cardholders with the ability to use a mobile-based one-time password for identification when using their bank card for purchases over the Internet.
“Our alliance with Mr Price is a definite move forward, showcasing Absa's contribution towards the evolution of the e-commerce industry with a security platform that places convenience at centre stage,” concludes Rautenbach.
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