Capitec to introduce tap-and-go functionality in 2019

Capitec Bank was recently named as the top bank in South Africa according to the latest Lafferty global rankings.

This marks the third year in a row that Capitec has been awarded the top prize with the bank also given a five-star global ranking – making it one of the best banks in the world.

Speaking to BusinessTech, Francois Viviers, marketing and communications executive at Capitec, said that the bank is honoured by the award but that the ranking was not something that it had actively pursued.

“The first time that we won the Lafferty rankings it came as a bit of a surprise. At that stage were not aware of Lafferty or how they do their rankings,” Viviers said.

“For us, it was not about winning the award but rather it acts as recognition that we are building a business with long-term sustainability and one that is pioneering the way banking should be done.”

“We don’t see ourselves as being close to where we want to be. This is a long-term journey.”

Tap and go

As part of this ongoing journey to improve services and functionality, Viviers said that Capitec is working on a number of new technologies.

This includes the much-requested ‘tap-and-go’ functionality for Capitec cards, which the bank will look to introduce sometime in 2019.

“We think tap-and-go functionality is going to become a mainstream technology, and in some countries in Europe it has already tipped from swiping cards to tap-and-go,” he said.

“It is definitely in our plans, but I think it is important to remember that Capitec focuses on the needs of the mass-market.”

“We are a bank for 95% of the population and our energy up until now has been to ensure that we have the best solution in terms of our product offers and our app for the broad base of the population.

“But by next year we believe the market will tip, and tap-and-go will become more prevalent at major retailers – meaning we will be ready with tap-and-go as well.”

Read: Capitec has just been ranked as the best bank in South Africa

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Capitec to introduce tap-and-go functionality in 2019