Will Vodacom and Absa lead to NFC mobile wallets for South Africans?
Vodacom and Absa get friendly to deliver value added financial solutions inclusive of “tap & go” NFC mobile wallet
South Africa’s largest retail bank, Absa, and mobile network operator, Vodacom, have put down ink on an agreement to work together towards evolving the mobile banking and financial services for South African consumers. The innovations in question are said to include a “tap and go” payment system which suggests contactless, and is expected to lead to NFC based mobile wallets. The multi-million rand collaboration also plans to provide machine-to-machine solutions in the insurance space and consumer education piped over the network to mobile devices. The duo also intend to supply USSD (Unstructured Supplementary Service Data) banking.