Absa, the South African retail banking group, has launched a tap-and-go card for qualified individuals called ‘Potentiate’. To qualify, individuals need to be 18 years and older; hold a qualification (a NQA 6 qualification – a three-year diploma, degree or an advanced certificate) and earn a minimum gross monthly income of R 3, 000.
The benefits
The solution, which was launched this week, offers transactional banking, lifestyle and loyalty benefits including access to fashion shows, concerts, sports events, previews of the latest gadgets, electronic devices and discounted rates at various hotels.
Absa’s MasterCard Titanium card has 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 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.
“No other Titanium card in the world has all these capabilities in one card. The sleek and stylish Titanium design has been developed to appeal to the emerging-affluent professional. It is strong, distinctive, and technologically savvy with an eye on the future,” said Arrie Rautenbach, Absa head of retail markets.
Potentiate customers can also include an Apple iPad with a free data bundle in the deal for a monthly instalment or get 15% off if they pay for it in cash. This offer will later be extended to all customers.
“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 – making it one of South Africa’s most comprehensive and attractive offerings for qualified individuals embarking on their road to success,” said Rautenbach.
Advisory service offerings
Potentiate customers will also be offered financial planning and advisory services. “As young professionals develop and their needs evolve, the offering and banking relationship is complemented with preferred rates on vehicle finance, home loans, investments, and other products,” said Rautenbach.
Rautenbach added that Potentiate offered 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.