Absa today introduced Absa Pay, a secure, simple, and fast payment option for our customers in South Africa. This new service allows online purchases without the need to provide bank card details.
Absa Pay enhances our suite of world-class digital payment solutions. This service uses a new Application Programming Interface (API) to facilitate direct and secure communication between the customer’s bank and the merchant, significantly reducing the risk of fraud.
“We are excited to introduce this payment solution to approximately 3 million digitally active customers. This is a significant development in the right direction for the bank as we continue to prioritise our customers’ financial well-being through our quality products, services, and solutions. For us, as a primary banking partner to our customers, it’s important to offer the best value for money by also enhancing capabilities to transact securely online and provide access to the latest world-class payments ecosystem propositions,” said Subash Sharma, Chief Digital Officer at Absa Everyday Banking.
Earlier this year, Absa partnered with a payment aggregator and its merchant community, to conduct a pilot study and introduce the API to market. This successfully demonstrated Absa’s ability to securely process and monitor transactions through the API. Absa is also collaborating with other payment service providers (PSPs). Please lookout for further announcements as we continue to onboard new PSPs over the next few months.
“We are incredibly proud to collaborate with leading payment fintech companies, using Open Banking technology to create seamless and safe online banking experience. These collaborations are important to maintain a fully secure ecosystem for our customers and partners. But we advise customers to maintain vigilance and safeguard their digital banking “keys to the safe” – a PIN and password should not be shared with third party sites,” Sharma added.
Absa Pay, removes the need for customers to capture their bank card details onto a third-party site when transacting online. Instead, customers can now select “Absa Pay” on the merchant site and they will be directed to a secure Absa portal. The API is integrated into various payment aggregator and merchant websites and enables consumers to pay directly from their bank account in a few brief steps. The transaction also requires the customer to approve the transaction in their Absa Banking App for added security and fraud prevention.
