Apart from taking advantage of the standard benefits of using a credit card (including up to 55-days interest free credit), ETHEL NYEMBE, Head of Card Issuing at Standard Bank, says there are numerous other advantages of signing up for one.
As with many inventions in modern society, credit cards are evolving rapidly. Once deemed an emergency tool only, the credit card has become so much more than that; used wisely, credit cards can be secure and convenient methods of payment that offer valuable rewards to the consumer.
“The credit card industry is one of the most competitive in the world, and card issuers go to great lengths to retain existing customers while convincing new customers to join and experience the convenience of a credit card – so much so that they are forever looking for new and unique ways to increase their value offering. So, apart from taking advantage of the standard benefits of using a credit card (including up to 55-days interest free credit) there has never been a better time to acquire this type of revolving credit,” says Ethel Nyembe, Head of Card Issuing at Standard Bank.
Below are just a few current trends that were designed to work in the consumer’s favour:
New ‘cash back’ card innovations
Cardholders who use reward cards earn valuable points, frequent-flyer miles at some banks, or cash back for the purchases they would have made anyway. Those who earn cash back – or in the case of Standard Bank, Ucount Rewards points – are realising helpful discounts on purchases, whether in the form of actual cash, or in points that can be exchanged for discounts, flight miles and other rewards.
Competition is tight among financial institutions to offer their customers the very best in rewards and loyalty benefits, and credit card holders are urged to do their homework, keep abreast of changes to their bank’s rewards programme, and make sure they are optimising all the benefits available to them.
Increase of secure mobile payment solutions
Standard Bank’s SnapScan and Snap Beacons are two such innovations. With more consumers and vendors making and receiving payments using their cellphones, the SnapScan series of payment solutions allow customers to pay at SnapScan-enabled merchants by simply scanning a payment code. SnapBeacon lets customers do the same, but in a more convenient way, as no codes need to be scanned. By using Bluetooth technology, merchant beacons detect where customers are and invite them to “pay here” for goods or services.
Innovative chip card communications and security features
To avoid long queues, all cheque and credit card account holders can use Standard Bank’s Tap to Pay payment solution. All that is required is a simple tap of their credit card within 5cm of the terminal at the point-of-sale (POS). Easy and secure, your card never leaves your hand, making it the ultimate in safe payment solutions. And if your card is stolen, the holder cannot tap for any amount over R500 without your PIN, giving you time to cancel your card with minimal risk of financial loss. “In addition, to mitigate the risk of any transactions on your account without your knowledge, Standard Bank offers MyUpdates – a free service that alerts you via SMS and emails of all activities on your account, enabling you to identify and report any transactions that may be suspicious or that you didn’t authorise,” says Nyembe.
Newly designed websites, apps and services
Banking customers are among some of the most tech-savvy, and, as such, are ever in search of new, fast and convenient ways to conduct their day-to-day banking. Standard Bank recognises this, and – as one example among many – offers the latest in credit card functionality on its web and mobile banking app. The update has reimagined the way customers use credit cards and aims to convert the app into a remote control for cards. Via the mobile banking app, clients can now activate their bank cards for use during international travel, toggle cards on or off, stop cards in case of loss or theft, order new cards, and manage ATM limits.
Peace of mind
One of the less appreciated benefits of a credit card is that consumers are protected when a merchant fails to deliver goods or services paid for, or if what you received was not what was promised. To get your money back, you simply have to contact your credit card issuer and request a chargeback. A temporary credit for the amount in dispute is immediately received, and it becomes permanent once the card issuer has researched and substantiated your claim.
For example, if you paid for a product that never arrived by mail, you would receive a full refund. Or, if you purchase a service for one year, and the service provider goes out of business after a few months, you would receive a pro-rated refund for the service you didn’t receive.
“Not too long ago, credit cards were seen as a dangerous, but at times ‘necessary evil’ whose overuse could lead their owners down the road to over-indebtedness and financial ruin. This inaccurate view is fast being dispelled as it becomes obvious that credit cards are not only a fast, convenient, and secure, payment method, but also an effective financial management tool,” says Nyembe.
Veeam passes $1bn, prepares for cloud’s ‘Act II’
Leader in cloud-data management reveals how it will harness the next growth phase of the data revolution, writes ARTHUR GOLDSTUCK
Veeam Software, the quiet leader in backup solutions for cloud data management,has announced that it has passed $1-billion in revenues, and is preparing for the next phase of sustained growth in the sector.
Now, it is unveiling what it calls Act II, following five years of rapid growth through modernisation of the data centre. At the VeeamON 2019conferencein Miami this week, company co-founder Ratmir Timashev declared that the opportunities in this new era, focused on managing data for the hybrid cloud, would drive the next phase of growth.
“Veeam created the VMware backup market and has dominated it as the leader for the last decade,” said Timashev, who is also executive vice president for sales and marketing at the organisation. “This was Veeam’s Act I and I am delighted that we have surpassed the $1 billion mark; in 2013 I predicted we’d achieve this in less than six years.
“However, the market is now changing. Backup is still critical, but customers are now building hybrid clouds with AWS, Azure, IBM and Google, and they need more than just backup. To succeed in this changing environment, Veeam has had to adapt. Veeam, with its 60,000-plus channel and service provider partners and the broadest ecosystem of technology partners, including Cisco, HPE, NetApp, Nutanix and Pure Storage, is best positioned to dominate the new cloud data management in our Act II.”
In South Africa, Veeam expects similar growth. Speaking at the Cisco Connect conference in Sun City this week, country manager Kate Mollett told Gadget’s BRYAN TURNER that the company was doing exceptionally well in this market.
“In financial year 2018, we saw double-digit growth, which was really very encouraging if you consider the state of the economy, and not so much customer sentiment, but customers have been more cautious with how they spend their money. We’ve seen a fluctuation in the currency, so we see customers pausing with big decisions and hoping for a recovery in the Rand-Dollar. But despite all of the negatives, we have double digit growth which is really good. We continue to grow our team and hire.
“From a Veeam perspective, last year we were responsible for Veeam Africa South, which consisted of South Africa, SADC countries, and the Indian Ocean Islands. We’ve now been given the responsibility for the whole of Africa. This is really fantastic because we are now able to drive a single strategy for Africa from South Africa.”
Veeam has been the leading provider of backup, recovery and replication solutions for more than a decade, and is growing rapidly at a time when other players in the backup market are struggling to innovate on demand.
“Backup is not sexy and they made a pretty successful company out of something that others seem to be screwing up,” said Roy Illsley, Distinguished Analyst at Ovum, speaking in Miami after the VeeamOn conference. “Others have not invested much in new products and they don’t solve key challenges that most organisations want solved. Theyre resting on their laurels and are stuck in the physical world of backup instead of embracing the cloud.”
Illsley readily buys into the Veeam tagline. “It just works”.
“They are very good at marketing but are also a good engineering comany that does produce the goods. Their big strength, that it just works, is a reliable feature they have built into their product portfolio.”
Veeam said in statement from the event that, while it had initially focused on server virtualisation for VMware environments, in recent years it had expanded this core offering. It was now delivering integration with multiple hypervisors, physical servers and endpoints, along with public and software-as-a-service workloads, while partnering with leading cloud, storage, server, hyperconverged (HCI) and application vendors.
This week, it announced a new “with Veeam”program, which brings in enterprise storage and hyperconverged (HCI) vendors to provide customers with comprehensive secondary storage solutions that combine Veeam software with industry-leading infrastructure systems. Companies like ExaGrid and Nutanix have already announced partnerships.
Timashev said: “From day one, we have focused on partnerships to deliver customer value. Working with our storage and cloud partners, we are delivering choice, flexibility and value to customers of all sizes.”
‘Energy scavenging’ funded
As the drive towards a 5G future gathers momentum, the University of Surrey’s research into technology that could power countless internet enabled devices – including those needed for autonomous cars – has won over £1M from the Engineering and Physical Sciences Research Council (EPSRC) and industry partners.
Surrey’s Advanced Technology Institute (ATI) has been working on triboelectric nanogenerators (TENG), an energy harvesting technology capable of ‘scavenging’ energy from movements such as human motion, machine vibration, wind and vehicle movements to power small electronic components.
TENG energy harvesting is based on a combination of electrostatic charging and electrostatic induction, providing high output, peak efficiency and low-cost solutions for small scale electronic devices. It’s thought such devices will be vital for the smart sensors needed to enable driverless cars to work safely, wearable electronics, health sensors in ‘smart hospitals’ and robotics in ‘smart factories.’
The ATI will be partnered on this development project with the Georgia Institute of Technology, QinetiQ, MAS Holdings, National Physical Laboratory, Soochow University and Jaguar Land Rover.
Professor Ravi Silva, Director of the ATI and the principal investigator of the TENG project, said: “TENG technology is ideal to power the next generation of electronic devices due to its small footprint and capacity to integrate into systems we use every day. Here at the ATI, we are constantly looking to develop such advanced technologies leading towards our quest to realise worldwide “free energy”.
“TENGs are an ideal candidate to power the autonomous electronic systems for Internet of Things applications and wearable electronic devices. We believe this research grant will allow us to further the design of optimized energy harvesters.”