Tap-and-go card coming from Absa

The card allows for payments of up to R200 at a time and works on the basis of cash - to a maximum of R3000 - being loaded onto it and then small purchases being deducted from that balance.

According to the Fin24 report, consumers pay a fee of R20,50 for the card and a minimum charge of R1,50 for each transaction. Tapping the contact-less card on the reader at the point of sale makes the payment. No receipt is signed, no PIN numbers are needed and the card is not swiped.

The card will be available from selected Johannesburg and Cape Town branches from 19 December.

For more:

• Fin24: No-swipe bank card
  
• Absa website: Contactless payments for merchants