NMB Bank has recently introduced a Tap Card which will be used for low-value transactions on public transport, schools and generally across the market as the usage of digital banking platforms gathers momentum on the local market.
Significantly, the Trap Card technology which allows for off-line transactions which “can be processed in less than 2 seconds” is a first in the local market.
“Together with a technology partner, we have launched a Near Field Communication NFC card called Tap Card, a first in the market. We are excited at the prospects of this new product,” NMB’s chief executive Ben Washaya said in a statement accompanying the bank’s trading update for the Q1 2019.
NFC is what enables two devices to communicate wirelessly when they’re close together. NFC is actually a subset of something called RFID (radio-frequency identification), a technology that allows us to identify things through radio waves.
Local banks have been reporting phenomenal growth in the use of banking apps aided by the continuous cash shortages prevalent in the country.
As the migration towards electronic forms of payments surge, banks have been caught in a fierce competition to innovate pulling all the stops including WhatsApp banking services so as to meet the needs of digitally savvy consumers.
Resultantly, most banks have registered significant growth in non-funded income which has become a significant revenue driver.
Washaya said that the bank continues to focus on a strategy to deploy more Point of Sale (POS) machines in the market in order to provide transactional convenience to customers.
“Our cheaper mPOS called Kagwenya has been well received by the market particularly our SME customers. This has enabled us to penetrate into this market segment,” he said.
“As at 30 April 2019, the bank had deployed a total of 6 514 POS devices into the market.”
During the first quarter of the year, NMB opened a service center in Chitungwiza and looks set to open another service center in Victoria Falls as it leverages on technology to bring convenience to customers.