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Cape Town - Capitec has joined the family of banks which have launched a mobile application, but has taken a different route from the norm.
On Wednesday, the bank announced the launch of its mobile banking application which can be accessed on feature phones as well as smartphones.
The Android application is 2.45MB, similar when compared to other banking groups' apps, and Capitec says that the platform offers security.
"The Capitec Bank app also uniquely offers security via the phone and not the SIM card in the phone, substantially increasing security and removing SIM swop fraud," said Capitec.
Once the application has been downloaded, customers have to go into the branch to activate it.
"We realise that some clients might see the activation process as tedious and frustrating, but with the increasing amount of banking fraud, our approach was to rather create an application which is secure in order to protect our clients from becoming targets for fraudulent activity," said Charl Nel, Capitec head of strategic communication.
The app does not yet allow users to perform prepaid purchases, but Capitec says that it will build in additional functionality soon.
Capitec has 5.4 million customers and the application is expected to simplify banking.
It is part of a trend where increasingly in SA, financial transactions are migrating to online platforms as cellphones become ubiquitous.
- Follow Duncan on Twitter
On Wednesday, the bank announced the launch of its mobile banking application which can be accessed on feature phones as well as smartphones.
The Android application is 2.45MB, similar when compared to other banking groups' apps, and Capitec says that the platform offers security.
"The Capitec Bank app also uniquely offers security via the phone and not the SIM card in the phone, substantially increasing security and removing SIM swop fraud," said Capitec.
Once the application has been downloaded, customers have to go into the branch to activate it.
"We realise that some clients might see the activation process as tedious and frustrating, but with the increasing amount of banking fraud, our approach was to rather create an application which is secure in order to protect our clients from becoming targets for fraudulent activity," said Charl Nel, Capitec head of strategic communication.
The app does not yet allow users to perform prepaid purchases, but Capitec says that it will build in additional functionality soon.
Capitec has 5.4 million customers and the application is expected to simplify banking.
It is part of a trend where increasingly in SA, financial transactions are migrating to online platforms as cellphones become ubiquitous.
- Follow Duncan on Twitter
