South Africa’s ABSA Bank has chosen Oberthur Technologies to supply its new prepaid MasterCard contactless payment card.
Already in use in Europe, Asia, the Middle East and Canada, dual-interface payment technology has yet to land on the African continent until now, says Oberthur.
Compatible with MasterCard’s Paypass technology, the card has been designed for use in retail outlets throughout South Africa, as well as a transport token in South Africa’s new integrated transport system.
Customers can load money onto their card either using cash or directly from a bank account, via a POS terminal, transit kiosk, Internet banking or an ATM.
The balance on the card will be limited to R1500 (USD $210) at any given time, and a maximum of R3000 ($420) may be loaded on the card per month. Each transaction will be limited to R200 ($28).
The card is currently being piloted and will be rolled out by early 2011.