Young professionals are being targeted for the market-first Absa MasterCard Titanium Card digital one time password (OTP) launched yesterday.
All South Africans with a tertiary qualification and a monthly salary of more than R3,500 (US$395) are eligible for the Potentiate Package, which links the Titanium credit card to the holder’s cheque account.
Online shopping is secured through visual OTP displays with each transaction and supply payment access to sub-R200 (US$23) purchases are operated with PayPass by a simple tap on the card at compliant stores.
“We did market segmentation looking at their needs of individuality and to embrace technology. They are looking for a financial services partner for life, one that brings them support as they embark on their lives of adventure,” Arrie Rautenbach, Absa Head of Retail Markets, told HumanIPO.
The bank account membership includes benefits like discount on gadget purchases such as iPads, cell phones and entertainment events. Members also have access to a transactional account, AOL electronic transactions and POS swipes, as well as financial coaches available on an exclusively allocated service line.
The Titanium card comes with a monthly credit card service fee of R35.00 (US$4). The account costs R139 (US$16) per month.