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Sci-finance comes to credit card

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Diners Club has brought the world of science fiction and finance together through the launch of the Diners Club Virtual Card.

The technologically-advanced and easy to use payment solution targeting travel buyers, travel management companies (TMCs) and suppliers makes card payments possible without needing a physical card.

Research conducted by the African Business Travel Association in 2014 revealed that the issues that keep travel buyers awake at night include governance and travel policy, technology advancements, information management, automation, and payments.

Diners Club Virtual Card offers benefits like data collection and reporting, reduced reliance on bill backs, and most importantly enhanced security for all players in the corporate travel industry.

Enforcing governance and travel policy is easily attainable by using Diners Club Virtual Card rather than an account or invoice system. Organisations that don’t issue corporate cards, such as public sector entities due to National Treasury regulations, often require travellers to pay for hotels and car hire using their personal cards, and then refund after a long and arduous expense management and reconciliation process.

For many years the corporate travel industry has been trying to design practical working solution to eliminate the financial challenges associated with the billing and reconciling of land arrangements.

The hotel, guesthouse and car rental invoices commonly referred to in the industry as “bill backs” have long presented a host of costly administration and reconciliation issues to suppliers, travel management companies and corporates.

By introducing a Virtual Card into the booking, authorization and settlement process for land arrangements, the Virtual Card is able to solve the persistent “bill back” problem using travel management and card solutions.

With Diners Club Virtual Card, the company policy can still be implemented and the traveller does not have to pay out of their own funds.  Travel buyers, in conjunction with their TMC, can ensure that travel spend will be capped and they will only incur pre-approved costs, in line with travel policy. This greatly reduces the chance of overspending and effects cost control through the elimination of the need for credit facilities.

Virtual Card Solutions also offer enriched data from the point of sale by providing third-level data, which is crucial in the reconciliation process. This impacts positively on the efficiency of reconciliation, matching of transactions, consolidating spend on the lodge card or corporate card, and of course, general reporting.

From a security perspective the dynamic nature of the Virtual Card’s account numbers greatly reduces the fraud risk posed by external activities.

Says Ebrahim Matthews, MD of Diners Club South Africa: “Much like we pioneered the virtual lodge card, Diners Club continues to provide new and innovative solutions in the corporate travel industry. The Virtual Card allows all players in the industry to better control their travel and entertainment spend and is a complete travel supplier payment solution that facilitates immediate supplier settlement, enabling cost-savings and improving cash flow.”

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Now download a bank account

Absa has introduced an end-to-end account opening for new customers, through the Absa Banking App, which can be downloaded from the Android and Apple app stores. This follows the launch of the world first ChatBanking on WhatsApp service.

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This “download your account” feature enables new customers to Absa, to open a Cheque account, order their card and start transacting on the Absa Banking App, all within minutes, from anywhere and at any time, by downloading it from the App stores.

“Overall, this new capability is not only expected to enhance the customer’s digital experience, but we expect to leverage this in our branches, bringing digital experiences to the branch environment and making it easier for our customers to join and bank with us regardless of where they may be,” says Aupa Monyatsi, Managing Executive for Virtual Channels at Absa Retail & Business Banking.

“With this innovation comes the need to ensure that the security of our customers is at the heart of our digital experience, this is why the digital onboarding experience for this feature includes a high-quality facial matching check with the Department of Home Affairs to verify the customer’s identity, ensuring that we have the most up to date information of our clients. Security is supremely important for us.”

The new version of the Absa Banking App is now available in the Apple and Android App stores, and anyone with a South African ID can become an Absa customer, by following these simple steps:

  1. Download the Absa App
  2. Choose the account you would like to open
  3. Tell us who you are
  4. To keep you safe, we will verify your cell phone number
  5. Take a selfie, and we will do facial matching with the Department of Home Affairs to confirm you are who you say you are
  6. Tell us where you live
  7. Let us know what you do for a living and your income
  8. Click Apply.

 

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How we use phones to avoid human contact

A recent study by Kaspersky Lab has found that 75% of people pick up their connected device to avoid conversing with another human being.

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Connected devices are becoming essential to keeping people in contact with each other, but for many they are also a much-needed comfort blanket in a variety of social situations when they do not want to interact with others. A recent survey from Kaspersky Lab has confirmed this trend in behaviour after three-quarters of people (75%) admitted they use a device to pretend to be busy when they don’t want to talk to someone else, showing the importance of keeping connected devices protected under all circumstances. 

Imagine you’ve arrived at a bar and you’re waiting for your date. The bar is busy, and people are chatting all around you. What do you do now? Strike up a conversation with someone you don’t know? Grab your phone from your pocket or handbag until your date arrives to keep yourself busy? Why talk to humans or even make eye-contact with someone else when you can stare at your connected device instead?

The truth is, our use of devices is making it much easier to avoid small talk or even be polite to those around us, and new Kaspersky Lab research has found that 72% of people use one when they do not know what to do in a social situation. They are also the ‘go-to’ distraction for people even when they aren’t trying to look busy or avoid someone’s eye. 46% of people admit to using a device just to kill time every day and 44% use it as a daily distraction.

In addition to just being a distraction, devices are also a lifeline to those who would rather not talk directly to another person in day-to-day situations, to complete essential tasks. In fact, nearly a third (31%) of people would prefer to carry out tasks such as ordering a taxi or finding directions to where they need to go via a website and an app, because they find it an easier experience than speaking with another person.

Whether they are helping us avoid direct contact or filling a void in our daily lives, our constant reliance on devices has become a cause for panic when they become unusable. A third (34%) of people worry that they will not be able to entertain themselves if they cannot access a connected device. 12% are even concerned that they won’t be able to pretend to be busy if their device is out of action.

Dmitry Aleshin, VP for Product Marketing, Kaspersky Lab said, “The reliance on connected devices is impacting us in more ways than we could have ever expected. There is no doubt that being connected gives us the freedom to make modern life easier, but devices are also vital to help people get through different and difficult social situations. No matter what your ‘connection crutch’ is, it is essential to make sure your device is online and available when you need it most.”

To ensure your device lifeline is always there and in top health – no matter what the reason or situation – Kaspersky Security Cloud keeps your connection safe and secure:

·         I want to use my device while waiting for a friend – is it secure to access the bar’s Wi-Fi?

With Kaspersky Security Cloud, devices are protected against network threats, even if the user needs to use insecure public Wi-Fi hotspots. This is done through transferring data via an encrypted channel to ensure personal data safety, so users’ devices are protected on any connection.

·         Oh no! I’m bored but my phone’s battery is getting low – what am I going to do?

Users can track their battery level thanks to a countdown of how many minutes are left until their device shuts down in the Kaspersky Security Cloud interface. There is also a wide-range of portable power supplies available to keep device batteries charged while on-the-go.

·         I’ve lost my phone! How will I keep myself entertained now?

Should the unthinkable happen and you lose or have your phone stolen, Kaspersky Security Cloud can track and protect your device from data breaches, for complete peace of mind. Remote lock and locate features ensure your device remains secure until you are reunited.

 

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