Standard Bank wins tech innovation award for virtual card
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DURBAN - Last night at Africa Tech week, Standard Bank bagged the tech invention of the year award for its virtual card.
Standard Bank’s virtual card is a digital bank card you can use to shop online and load on your favourite mobile apps. It allows you to make payments and purchase online without having to use your credit or debit card details.
"Research shows that very few Africans shop online and those that do, tend to use credit card or pay on delivery. Trust security and control are some of the reasons for this trend. This is how the virtual card was developed." said Lincoln Mali, Head: Group Card and Emerging Payments.
Mali added, "Virtual card put customers in the driver’s seat as they only load the amounts they will be using. Virtual card is designed to remove any friction from the customer’s online experience and is accessible through Standard Bank’s mobile app. To date, we have created 27 000 virtual cards. With Virtual card, Standard Bank aims to open online shopping and more broad digital experiences to all our customers in the near future."
The Africa Tech Week is a conference, exhibition and awards for African tech professionals. The conference promotes digital transformation by connecting government, corporates, and fresh talent in the tech industry.
BUSINESS REPORT ONLINE