View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
  2. Company news
April 12, 2021

Absa Bank Kenya introduces contactless payment solution

Absa Bank Kenya has introduced a new vertical card, a contactless payment solution for retail transactions.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

The new solution will enable the cardholders to conduct contactless transactions by tapping the card on POS devices.

The card can be used for purchasing goods and services at fuel stations, retail stores and other outlets.

The launch comes as the ongoing Covid-19 pandemic accelerated the adoption of digital transactions.

Absa managing director Jeremy Awori was quoted by local publication The Star as saying: “In many ways, this move is expected to boost digital payment acceptance at small informal enterprises and merchant outlets across the country, while supporting consumers’ preference for contactless payments amidst social distancing and upholding set Covid-19 guidelines.”

The Absa contactless cards use the traditional chip and PIN technology.

The cardholders can conduct up to four contactless transactions without providing their PIN per day. All subsequent transactions must be authenticated with the PIN.

Additionally, all transactions above KES2,000 will require PIN.

Last month, Absa Bank Kenya reported a 47% drop in 2020 pretax profit due to the impact of the pandemic.

The 2020 pretax profit was KES5.6bn ($51m). In 2019, the figure was KES10.8bn.

Impairments also jumped from KES4.2bn to KES9bn, Reuters quoted the bank as saying.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International