The cost of bank cards could possibly fall dramatically in the next few years as banks leverage off a new wholly South African-owned R25-million EMV card personalisation facility outside Cape Town.
The card factory, owned by Crossgate Technologies, is situated 35km outside Cape Town and has the capacity to produce 1 million bank cards a month.
Now, it will leverage its localised facility to expand into the rest of Africa to advance digital payments across the continent and other emerging markets. Despite South African consumers increasingly exploring digital payment methods such as cryptocurrency, digital cards and biometric payments, traditional bank cards remain king, according to the. Reasons include security , ease of use and the rewards offered .
“Without a backup option at least 1,000km away, should an event unsettle the city, the entire banking card issuing industry could be brought to a standstill.” “Moreover, we have a partner network of 250 independent stores in rural areas that will give customers the ability to open bank accounts.
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