News

Absa POS banking service gains traction

September 28, 2012

Last year, South Africa's largest retail bank, Absa, launched a program that would allow customers to carry out cash withdrawals and deposits at an in-store POS, providing a cheaper alternative to adding new branches and ATMs. So far, the program has processed more than R8 million ($964,880) in transactions.

In addition to standard deposit and withdrawal transactions, the Absa service also allows customers to buy mobile airtime, check balances and get "mini statements," all through a POS device at the retail facility, said an article at BD Live.

Absa currently has more than 1,000 facilities set up in stores, and the bank has stated its intention to further expand the program. "We aim to attract a large percentage of the unbanked and under-banked market, while expanding the scope of transactional platforms for our existing customers," Absa head of retail markets, Arrie Rautenbach, told the publication.

Through its in-store facilities Absa has acquired more than 40,000 new accounts. These are opened using a hand-held device that makes the process simple and paperwork-free.

For more on this topic, visit the retail/off-premises research center.