Yesterday in Cape Town, Absa launched “Potentiate,”” a MasterCard that uses Tap and Go technology and which also includes an LCD to display a one-time PIN when making online purchases.
The card itself, falls under the Titanium range of MasterCards and includes a a button and digital LCD display that provides a one-time PIN for added security when shopping online at participating 3D Secure merchants. It is also Absa’s first bank card to include MasterCard’s PayPass Tap and Go technology that allows these customers to tap their cards to pay for low value purchases in selected retailers. The single card allows clients to transact on any of their underlying credit, cheque and savings accounts.
The card is targeted at tech savvy, business and professional people, offering lifestyle and loyalty benefits including exclusive access to fashion shows, concerts, sports events, previews of the latest gadgets, electronic devices, discounted rates at various hotels and Absa Online, accessed through a new Apple iPad with a data bundle.
Potentiate customers can also include an Apple iPad with a free data bundle in the deal for one competitive monthly installment, or at 15% off for cash and what’s more Absa will deliver the device free of charge to the customer’s door-step. This is the first of Absa’s device or tablet offerings, which will later be extended to all customers.
The bank says Potentiate is the latest in a series of new financial solutions Absa has developed following the recent Transact and Value Bundles launched earlier in 2012.
‚””It will level the playing field in the young-professional market giving clients all their basic banking in one monthly fee. This includes unlimited free electronic transactions, included access to Absa Online, unlimited free NotifyMe alerts, and unlimited debit card point-of-sale purchases and withdrawals,”” says Arrie Rautenbach, Absa Head of Retail Markets.
Furthermore, Rautenbach says Potentiate offers unlimited functionality in certain areas at no extra charge.
‚””Any free unused transactions will be rolled over for use in the next month and unlike other competing offers in the market, where customers pay a premium for out-of-bundle transactions, Potentiate has no hidden charges. If a customer exceeds the allocated number of transactions on the Potentiate account, no penalties will apply and they will only be charged the normal pay-as-you-transact fee for that particular transaction.
‚””As an affordable banking option tailor-made for individuals aged 18 years and older: holding a qualification and earning a minimum gross monthly income of R 3000, we are confident that Potentiate meaning to intensify or to increase potency, will help high achieving individuals to navigate their potential and seize opportunities. Potentiate from Absa is another landmark product helping us to realise our broader Absa vision of ‚””making customers’ lives much easier,‚”” concludes Rautenbach.
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