The rapid integration of innovation in payments is quickly gaining global acceptance. Customers now have options on what form of payment instrument they prefer for their transactions. In Kenya, mobile money and e- wallets have gained traction to top the list but, card payments seem to be lagging behind.
Individuals and some corporate continue to bear the burden of carrying around huge sums of money in the quest to access basic goods and services. In the end, this has turned out to be costly, tiresome and very risky.
The staggered increase in using payment cards can be attributed to the many perceptions that customers have about swiping. Many consumers think that using the card is an elitist habit that can only be done by those with high account balances. Others assume that banks charge for making card payments. These assumptions have resulted in a huge portion of the population preferring to withdraw cash at the ATMs just to pay for commodities that would have otherwise been obtained through alternative forms of cashless payments.
In an effort to change this narrative, Equity bank and its partners continue to find innovative ways to spearhead behaviour change within the masses. Whether consumers are carrying VISA, Mastercard, Discover, Union Pay or American Express branded cards, they are assured of convenience, safety and security. This move has since seen the bank grow its geographical diversity to a total of 27,576 Point of Sale terminals across 6 African countries in the region.
Customers can easily use their cards to make quick payments at merchant outlets such as petrol stations, supermarkets, hospitals and restaurants. Those pursuing online payments are required to input a pin that is valid for one login session as an authenticating feature. This One Time Pin (OTP) allows them to secure themselves from fraudulent or unauthorized transactions.
Consumers with frequent travel itineraries, reap the benefits of having premium cards as their perfect travel companion. Through the membership system, customers enjoy exclusive benefits such as flight and travel discounts, insurance benefits, hotel discounts and the possibility of earning and redeeming rewards and experiences, in multiple countries across the world.
Another option customers can explore is the pre-paid card. Both account and non-account holders easily access prepaid cards for their use or as gift items for friends and family. These cards are usually available in multiple currencies and have numerous options for loading, making them one of the convenient channels of making payments.
These numerous possibilities actually prove that there is so much one can do with their card. Therefore, as you plan your holiday and back to school activities, feel free to swipe your card at any Equity branded merchant or point of sale terminal.