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The world of payment is ever evolving with mobile technology currently spurring the payment revolution.
Consumption of goods in Africa rose to more than $1 trillion in 2012, from $364 million in 2000, an annual rate of growth of 10.7 percent, according to a McKinsey report.
With 50 per cent of the continent expected to have access to the internet by 2025, online shopping could account for 10 per cent of retail sales, or $75 billion.
The internet and mobile technologies are driving consumer behaviours that favour instant gratification which translates into instant access to banking facilities and self-service capabilities.
According to statistics from Bank of Ghana, mobile money transfer transactions have grown from 30 million in 2012 to over 110 million this year. The emerging sector employs about 20,000 people nationwide.
This cashless revolution is said to have started with credit cards, which enables both convenient and instant payment for goods and services.
Supporters of cashless payments say, aside saving cost and time, paying by card provides consumers with the ability to budget and manage their finances by tracking their spending.
Stanbic Bank has taken the drive towards a cashless society a notch further by rolling out the Visa Platinum Debit Card and two other packages – the Priority Pass and Lifestyle Benefits – to complement the banking and lifestyle needs of their Private Banking customers.
The Platinum card, which is a premium card in the Visa range of cards, comes with exclusive privileges to enhance the travel, shopping, dining and lifestyle needs of clients on their travels abroad.
“Non-cash payments have already overtaken cash payments and in a few years, e-payment will be commonplace and cash will be rarely used,” said Ben Mensah, Head of Personal Market adding that “this card offers unparalleled convenience to our clients.”
The Priority Pass helps customers escape travel stress by providing exclusive access to 850 plush lounges at airports the world over.
“There is also the Lifestyle Benefits, which allows clients to enjoy special recognition at restaurants and other service centres in Ghana,” said Mr Mensah adding that “clients would also enjoy shopping rewards that include a myriad of chic offers, discounts and privileges.”
Although traditional crime is reduced when economies go cashless, the risk of fraud online still looms large and security is still a concern for many.
Thus the Platinum cards have strong in-built security systems that monitor accounts 24 hours a day to help prevent, detect and resolve fraud on the cards.
Over the years, Stanbic Bank has come up with innovative products aimed at giving customers an unrivalled banking experience.
Other Stanbic Bank cashless products include Nbol, Slydepay, Moneywallet Multi Currency Card, Mobile and Internet Banking.
In the end, the Bank seeks to enable commerce to be more connected than ever, creating more value and benefits for businesses and consumers alike.
