Absa has launched what the bank claims is a world first with the Payment Pebble. The device, which will launch in 2013, is a partnership between ABSA and South African payment innovations company thumbzup.
This "pebble" which is a mobile payments device that is specifically designed especially for entrepreneurs and small businesses. The device allows businesses to accept debit or credit card payments using their smartphones or tablets in a similar way to Square in the US.
Absa claims that this device is a "major improvement to card readers currently available in the market that ordinarily get attached to mobile phones to process merchant payments" because the device plugs into a 3.5mm audio input and can be used on any mobile smartphone or tablet and includes a mobile app.
So what makes "the Payment Pebble" different to other payment innovations?
One of the differentiating features is that the Pebble enables safe and secure payment acceptance as a pin entry device for both chip and magnetic swipe strip cards. It also priced at a "highly affordable price for small business".
Speaking during the announcement of the strategic partnership today, Absa head of retail markets, Arrie Rautenbach, said "there was no other mobile acceptance device in the world that enables merchants to process payments remotely – with a plug-in device – containing a mobile app that supports chip, pin and magnetic stripe cards and allows both debit and credit card transactions without the need for a power supply." (full article)
Following in the footsteps of the most innovative bank in the world FNB, Absa has upped their game to focus on a strong global commitment to innovation and as far as the technology landscape changes Absa has channelled all its energy into delivering pioneering solutions that will transform customer experience and build strong foundations for growth.
Cards and Payments Africa 2013 featuring Mobile Money and Future Bank elaborates more on payment innovations, what’s next in the life of traditional payments and how to become an innovation driver. With speakers such as Paul Steenkamp from FNB and James Campbell from Absa to share light on how your business can be at the forefront of innovation.