Capitec banks on app

Capitec Bank has launched its cellphone banking app that uses the phone for security instead of a SIM card to minimise any SIM-swap fraud.

The app can be downloaded on app stores or by the user whilst inside a Capitec Bank branch. It enables clients to access their Global One facility to perform transactions using any web-enabled cellphone.

Once the app has been downloaded onto the phone, in-branch client authentication is done using Capitec’s fingerprint technology. The app download can only be completed once the user’s fingerprints have been linked to their specific cellphone. The consultant then puts a process into place where the app gets delivered to the client while in branch and the client is able to activate the app with fingerprints. Access to the app and authorisation of transactions will be enabled by a remote PIN, which is created by the user.

In cases where a device is lost, stolen or broken, customers will be required to repeat the authentication process.

We took a very simplified approach when developing the app as our main aim was to ensure that the offering allows our clients to take full control of their money in a secure and convenient manner whenever they need access to it,” says Charl Nel, Capitec head of strategic communication.

We realise that some clients might see the activation process as tedious and frustrating, but with the increasing amount of banking fraud, our approach was to rather create an application which is secure in order to protect our clients from becoming targets for fraudulent activity.

Our interim focus is on mobile as we believe that the cellphone is the primary gadget that is always with the user, unlike the tablet which is commonly used for internet banking.

Due to its requirement to function on all devices, the app does not perform prepaid purchases yet. However, that function will be enabled on the app later this year. In the meantime, clients are able to purchase airtime and electricity on their cell phones using the USSD number *120*3279#.