Bank Zero looking to introduce smartphone tap payments

Michael Jordaan, Chairman of Bank Zero, has revealed that South Africa’s youngest digital bank is actively developing three new features. The upcoming features include the integration of smartphone wallets for tap payments, with the possibility of supporting platforms like Google Pay, Apple Pay, and Samsung Pay. Jordaan mentioned the new features as Pay Many, which could be utilized for salary payments, Immediate Payments, described as similar to PayShap but without restrictions, and Phone Tap Payments.

While Jordaan did not specify the exact platforms Bank Zero will support for phone tap payments, he acknowledged that all phone options are currently under evaluation, with watch support planned for a later phase, according to MyBroadband. Garmin Pay and Fitbit Pay are also available in South Africa and are supported by traditional banks.

Bank Zero had previously launched services for commercial clients in October, introducing advanced features such as an in-house banking team for payment management, mandate changes, and access privilege approvals within the Bank Zero app. The bank had also committed to developing bulk payments and collections, and Jordaan has confirmed that work on this feature is ongoing. Additionally, Bank Zero announced fee reductions towards the end of the previous year, including decreased card delivery fees and costs associated with adding a new cheque account or disputing a transaction.