Absa in e-commerce deal with large retailer
Banking group Absa has announced a partnership with listed fashion chain Mr Price, to extend its online payment services to the retailer’s customer base.
Applicable to all Mr Price customers, this will provide a secure payment facility when shopping for Mr Price apparel online, the bank said.
The retailer launched its online service in July and is accessible via cellphones, offering the full Apparel range of about 18,000 fashion items. It costs shoppers R35 per delivery anywhere in South Africa and offers several methods of payment.
Mr Price Home and Mr Price Sport are expected to follow with online stores next year.
Absa head of retail markets, Arrie Rautenbach said the bank has been the preferred card acquiring partner of the Mr Price Group since 1996, while the bank has seen significant year-on-year payment acceptance value growth through its e-commerce platform of 142%.
“Absa’s in-depth understanding of the payment acceptance environment stands as testament to our reputation as a leading acquirer in the South African market and as an ideal banking partner to support Mr Price,” said Rautenbach.
Absa’s partnership with Mr Price will see the bank develop early fraud detection capability for Mr Price’s online shop.
“Online banking is one of the most successful stories to emerge from the advent of e-commerce. It provides unprecedented flexibility for consumers. However, for e-commerce to realise its full potential, consumers must have confidence in the security of online transactions,” said Rautenbach.
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