Absa hits R1 trillion in online transactions

Absa announced today (8 March 2012) that it had reached a record trillion Rand mark in transaction values for its online banking service in 2011.

This figure encompasses both individuals and small businesses that use Absa Online Banking.

Of the 70 million online transactions that Absa processes every month, the most popular have proven to be in the following four groups:

  • Payments – bill payments, beneficiaries, once-off and CashSend payments.
  • Statements – requesting of account statements.
  • Notice of payments – sending recipients notices via SMS, email or fax.
  • Inter-account transfers – moving money between one’s own accounts.

“Developments, such as the impact of new sources of international undersea connectivity, [and] increased competition in the internet service providers industry – which has resulted in lower data prices and the influx of affordable net-book and notebook computers – are expected to bring a whole new group of South African users online,” said Absa’s Head of retail markets, Arrie Rautenbach.

“It is therefore not surprising to see a sharply-rising demand and market appetite for new online functionalities. Since one of the most useful internet applications is online banking, we are ramping up investment in our online channel to cater for the rapidly-increasing volumes of traffic.

“During peak times, especially at month-ends, we sometimes have as many as 9 000 users at any given time,” Rautenbach said.

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Absa hits R1 trillion in online transactions