ABSA and Vodacom offer free mobile banking services to their South African customers

Aug 19, 2011

ABSA and Vodacom South African customers can from now on access their bank accounts online without having airtime on their handsets thanks to a new alliance between the companies.

ABSA and Vodacom South African customers can from now on access their bank accounts online without having airtime on their handsets thanks to a new alliance between the companies.

The contract worth R800 million (€77.5 million) was signed by the South African financial institution and the mobile communication company and offers customers of both businesses the chance to use ABSA's mobile banking services free of charge.

Users of all social classes will be able to request mini statements, buy airtime and electricity as well as make CashSend payments through the bank's ATMs, even if they do not have credit on their phone or cannot use it to access the internet.

Adrian Vermooten, Head of Mobile Banking for ABSA, explained that by removing the need for airtime to be able to perform bank transactions via mobile phones, ABSA and Vodacom have made banking services in South Africa much more accessible, affordable and convenient for consumers.

Both companies are working on a 'tap and go' payment system which should allow, in the future, mobile phones to be used to pay for transactions as an alternative to cards and cash.
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