TymeBank and IDEMIA Collaborate Towards Increased Security and Convenience in Customer Card Issuance
- Banking , Security
- 09.12.2020 02:53 pm
Committed to expanding banking services to all South Africans, TymeBank proactively leverages innovative digital technology to deliver a safe and frictionless banking experience to its over 2.5 million customers. Working closely with IDEMIA, TymeBank continues to onboard approximately 120 000 customers per month and works tirelessly to ensure that a secure suite of banking services is continuously made available to its customers.
As the world leader in Augmented Identity, IDEMIA has a proud track record of providing a trusted environment enabling consumers to perform their daily banking activities. Leveraging biometric authentication and other innovative technology solutions, IDEMIA continues to deliver verified identities and secure transactions for people worldwide.
Leaders in their respective fields, both TymeBank and IDEMIA are working together to provide customers with dual interface chip cards (EMV [i]) in a secure and convenient manner. In a survey this year, 75% of South Africans are turning to contactless payments citing hygiene reasons . The EMV card, which facilities secure transactions at Point-of-Sale (POS), also supports a safe and contactless payment experience for the consumer. This way of transacting is set to become more important with the upcoming holiday season, as an increasing number of consumers choose to do contactless payments. Since the onset of the Covid-19 pandemic, 89% of South African respondents in the same survey say they prefer using contactless payment options .
TymeBank debit cards are issued at self-service kiosks, which are stationed at Pick ’n Pay [ii] and Boxer [iii] stores around the country. A TymeBank customer can open an account and collect the bank card at their convenience after successfully verifying their identity with a valid South African ID number. The verification process is a key step towards fighting identity fraud, which since the start of the pandemic has resulted in an estimated cost to the South African economy of over R 1 billion .
“TymeBank has reached yet another key milestone, now that the bank has onboarded 2.5 million customers since our launch in February 2019,” said Cheslyn Jacobs, Head of Sales and Service at TymeBank. “Our customers value our offering as TymeBank makes banking simple and secure. Our partnership with IDEMIA is to the benefit of our customers. We equip our customers with a contactless EMV bank card that delivers a safe payment experience in a secure and convenient manner. This is true to our ethos of ensuring that banking is made accessible to everyone in South Africa.”
In addition to being an identity technology leader, IDEMIA is also a trusted partner of financial institutions, working with local banks to introduce innovative payment products, including the country’s first vertical metal card. With a full service, state-of-the-art card personalisation centre in Johannesburg, the biggest in South Africa, IDEMIA has been working closely with South African banks for over 10 years to ensure that bank cards are delivered securely and quickly to consumers, enabling them to fulfil everyday transaction needs.
“We are honored by the trust that TymeBank places in us and our solutions,” said Julia Schoonenberg, Senior Vice President (MEA), Financial Instiutions, IDEMIA. “As a global leader in secure payment technologies, IDEMIA has a proven track record of working with banking customers in both physical and digital spaces. We are proud to support TymeBank in their mission to enhance convenience and payment security for even more people in South Africa.”
[i] EMV — which stands for Europay, Mastercard and Visa — is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. In the wake of numerous large-scale data breaches and increasing rates of counterfeit card fraud, U.S. card issuers have migrated to this new technology to protect consumers and reduce the costs of fraud. https://www.creditcards.com/credit-card-news/emv-faq-chip-cards-answers-1264/
[ii] Pick n Pay - A retailer in South Africa, which began in 1967, it now has 1.500 stores in the country https://www.pnp.co.za/about-us/history
[iii] Boxer – A chain of discount stores in South Africa which started in 1977, it now operates over 300 stores in South Africa. https://www.boxer.co.za/company-history/