Absa unveils New Card Designs, including Metal cards, in a re-energised Value-for-money Proposition #AbsaCard

Hi Guys, 

Launches first-of-its-kind augmented reality card game offering prizes and giveaways to customers and non-customers with incentives for transactional and credit card account takeup.

What is a bank card? Is it simply a card or a bridge to benefits, a stepway to the day-to-day amenities or a highway to the attainment of life’s greater goals? In a world where the margins of choice are ever-evolving Absa is making the guesswork simpler, unlocking a gateway to value with new chic black and smart-metal card offerings. It’s about fostering the hopes and dreams of our customers smartly as we pursue our purpose of empowering Africa’s tomorrow, together… one story at a time. It’s about the next step in a journey of creating the best value-for-money in banking for over nine million South African customers.

That journey is re-energised today with the launch of brand-new card designs that were co-created with over 2000 customers and frontline staff. Furthermore, Absa is also promoting a digital experience with its new cards with the launch of an innovative augmented reality game, Card Quest, through which existing and non-Absa customers can win great prizes and incentives for a transactional account or credit card takeup. Players collect virtual cards at various locations or swop with other participants to complete the series. Customers and non-customers can find information on Absa’s website absa.co.za and should follow Absa’s social media pages for further communication.

“As consumers and captains of our destinies, we always strive to transcend the conventional, we want the ability to make choices and have experiences that will add meaningful value to our lives and elevate us to a next-level lifestyle. Next-level banking is designed to help you achieve that and much more. More safe and secure banking through a range of superior digital payments including contactless payments, that continue to attract customer confidence so much so that Absa’s digital payments segment grew 154% in the first six months of this year, supported by our best-in-class capabilities and Digital Fraud Warranty. Our bank card is also a gateway to Absa’s best value for money banking,” said Christine Wu, Managing Executive: Consumer Product, Absa Everyday Banking.

Absa transactional and credit card cardholders enjoy the following value-for-money benefits:

• Full-service banking packages incorporating a gold or premium credit card with zero monthly fees and free embedded life cover of up to R 25 000
• Your spouse banks for 50% discount and your children bank for free
• Up to 57 days interest-free on qualifying credit card purchases
• No transaction fees on credit card swipes
• Unlimited Digital Fraud Warranty
• Innovative digital payment options including Absa’s first-to-market affordable PayShap payments
• Absa Rewards, now available free of charge to all customers
• Earn up to 30% real cash back on fuel, health and beauty and grocery purchases at Absa Rewards partners
• More rewards for smart banking on completion of embedded banking behavioural challenges in the Absa Banking App
• Travel benefits include free airport lounge access and up to R3 million in free travel insurance
• Buyers’ protection and extended warranty on your purchases
• Free Currency Investment Accounts on Gold Value Bundle and Premium packages

“We empower our customers, one story at a time but enable the small day-to-day things, one tap at a time. Our new card design integrates the rich meaning of our purpose and the powerful proposition in a single manifestation,” Wu added.

The new card face is embossed with an African basket weave design, a powerful representation of Absa’s interconnected pan-African presence and will be issued across segments - youth and entry-level through to wealth clients. Smart-metal cards will initially be available to Private Banking and Wealth clients with availability to other segments considered for a later stage. Absa has also fully switched to vertical cards. Absa’s digital cards on the Mobile Banking App will also be updated with the new design. “We recognise that cards are shifting to the mobile environment. Many of our customers already use digital payment methods for 80% of their transactions, said Wu.

Additional value for money transactional benefits since January 2023, following a further R500m pricing relief support created for customers:

Absa Rewards Now Free for Everyone

• The Absa Rewards monthly fee of R23.20 has been waived, making it free for all Absa Rewards customers.
• New and exciting enhancements to the programme were introduced in early 2023 for primary banked customers, who will receive superior value from Absa Rewards.

Youth and Students Continue to Bank for Free

• Absa Student and youth accounts still carry zero monthly fees and continue to benefit from free embedded benefits such as 100mb free data per month and free vouchers.
• In addition to unlimited free Absa ATM Cash withdrawals, Mega U customers who bank digitally with Absa will further benefit from 90% cheaper Digital Payments and External Debit Orders.

Unrivalled Benefits for Absa Transact customers

• Absa Transact customers continue to benefit from R5 000 free lump-sum death benefit and with zero monthly fee increases in 2023.

Major Relief for Flexi Account customers

• Flexi Account customers will benefit from the following price reductions: 
• Till-point withdrawals - Now free (Previously R2.00)
• Debit Card Swipes – R1.00 per transaction (Previously R4.00)
• Digital Payments – R1.00 per transaction (Previously R10.00)
• External Debit Orders – R3.50 per transaction (Previously R10.00)
• Customers continue to get unrivalled value with a free R15 000 lump-sum death benefit included as part of their monthly fee worth over R90.00pm.

I have recently switched to Absa Credit Card and my application has been approved as well. I have to collect my credit cards from the Sandton City branch which I intend to do soon and then I will see how much rewards I can collect with Absa. 

Aum Namah Shivay!

Till next time...Aashish
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South Africans Spend An Average of 263 Minutes Per Day on Their Phones @NokiaMobile #LoveTrustKeep

Hi Friends, 

Research from Nokia phones show people spend the equivalent of watching the first two seasons of Game of Thrones on their phones a week

• Global phone usage rose by 90% over the last decade
• Two in three think smartphones have become too expensive
• Mobile phone screen time is higher than ever
• South Africans spend an average of 263 minutes per day looking at their phone screens

Results from Nokia phones global consumer trend report revealed that 69% of people think smartphones have become too expensive and 81% want phones that can stand the test of time. Following this report HMD Global, the home of Nokia phones, recently launched six new smartphones in South Africa with the aim of making smartphones more affordable and long-lasting to help encourage users to keep their phones for longer.

What does this global research say?

According to the research conducted by Nokia phones[1] we are so reliant on our phones that we touch them an average of 142 times a day, spending 18 hours 12 minutes a week looking at the screen – the equivalent of watching the first two seasons of Game of Thrones back-to-back.

This research not only highlights the love that people globally have for their phones, but also the growing wish for a mobile they can trust that will keep all their information safe and a phone that they can keep for longer.

“Each of the six new phones launched by HMD Global answers a concern that consumers around the world have raised. Their high-quality performance is maintained over several years of use, they all have regular software updates to keep them secure at all times and all the phones, no matter at what price point, work on the latest Android platform, ” adds Justin Maier, Vice President: Sub Sahara Africa at HMD Global.

What does the South African data say?

Results from the local research indicate that over 60% of South Africans love their smartphones. We love our phones so much that we spend an average of 263 minutes per day looking at our phone screens, spending an average of 172 minutes per day browsing social media and an average of 174 minutes per day browsing the internet. Over half (53.7%) of South Africans said that they are looking to hold onto their phones for longer, waiting on average two years before swapping or upgrading.

Our trust in technology

Most South Africans use their smartphones for internet banking, and more than 40% use them to pay for transactions, so knowing that their phone is secure is important to them.

Over 40% of the population worry about being scammed, especially the younger demographic of (18-24 year old’s) who have been victims of scamming or fraud through their phones. Despite this, it is the 25–44 year age bracket who are more concerned about privacy on their phones.

Globally, mobile phone usage has risen by 90% over the last 10 years, with 83% of people globally now claiming to “love” their phones. This ‘love’ has translated into mobile phones becoming a central hub in all parts of our lives – a third (32 per cent) use their phones for shopping, three quarters (76 per cent) for monitoring their finances, two in three (63 per cent) for fitness, workouts and tracking, while 68 per cent now turn to their handset to pay for transactions.

The top five ways South Africans use their phones:

1. Browsing the internet (174 minutes per day)
2. Browsing social media (172 minutes per day)
3. Listening to music (144 minutes per day)
4. Banking (62%)
5. Online shopping (44.4%)

[1] https://flyresearch.com/

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#HelloPaisa @hellogroupsa Recognised As 1 of 50 #Fintechs Driving #FinancialInclusion #ChangingLives

Hi Friends, 

In an achievement for not only home-grown organization Hello Paisa to be proud of but indeed for all South Africans to celebrate, the company was selected from over 400 hopeful applicants and placed among the globe’s top 50 fintechs. The judging panel consisted of industry experts across venture capital, banking, fintech, and other sectors. This win is particularly significant to the company and is a vindication of their commitment to driving financial inclusion.

Each of the 50 winners named was selected based on their achievements and impact which demonstrates the power that financial inclusion has in the global effort to expand access, usage, and quality of financial services, across both advanced and emerging markets. 

Based on their local insights, Hello Paisa identified that the cost of remitting funds from South Africa was too expensive, takes too long and - in some cases - there were no legal means available. Hello Paisa stepped up to lead the charge in finding a practical solution. Making use of industry-leading technology, as well as partnering with the globe’s most reputable partners, the company was successful in their lobbying efforts with regulators. The result was the company’s popular platform, geared towards driving down costs of international remittance and creating a means through which users can safely and legally send funds around the world.

In May 2019, Hello Paisa launched its digital banking offering in partnership with Sasfin Bank Limited to service yet another need of its loyal customers.

According to Ahmed Cassim, the Managing Director of Hello Paisa, “For the past four years, Hello Paisa has thrived on the principle of doing well and doing good. Fundamentally, we are a community company focused on empowering people, and creating a culture of social enterprise utilizing technology as a catalyst. We have changed lives, through offering our customers a SIM card to call their families, remittance solutions to send money home, and now we are embarking on the next chapter of offering a bank account to keep their money safe and a debit card to transact - anywhere and everywhere.”

The complete list of winners can be found at www.inclusivefintech50.com/winners.

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