In a bid to improve convenience and faster means of making transactions, ABSA Bank Uganda has introduced the Absa Mobi Tap innovation which is a cashless form of making payments using mobile smartphones.
This functionality allows Medium, Small and Micro Enterprises (MSMEs) to use their smartphones as Point Of Sale (POS) machines to allow customers to make payments using any contactless-enabled ATM card.
Michael Segwaya, the Executive Director of ABSA Bank Uganda, noted that with the number of smartphone users growing, now estimated at 30%, this Absa Mobi Tap online transaction application is meant to make transactions convenient.
“Our Absa Mobi Tap functionality is a first of its kind on the Ugandan market. It seeks to ease transactions for Micro Small and Medium Enterprises. The app turns merchants’ phones into payment terminals that are safe and secure with the latest technological innovations,” Segwaya said.
He highlighted that this innovation aims at eradicating the bulk movement of physical money, and this is through the use of cashless payments.
“Authorized merchants will be able to receive cashless payments from their customers using any credit, debit or prepaid card hence encouraging the growth of cashless transactions and payment convenience in the country,”
The multi-card-enabled innovation will ensure that the transactor keeps track of all their contactless transactions on their smartphones.
Absa Mobi Tap is meant to ensure lower operating costs for the business owner and faster seamless transaction services for their customers.
Absa Bank Uganda Limited, formerly known as Barclays Bank of Uganda Limited, is a commercial bank in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator.