South African retail bank Capitec has launched its mobile banking app, allowing users of both smartphones and feature phones to access the service.
The bank said it offers security via the phone as opposed to the SIM card, increasing security and eliminating SIM swap fraud.
“The app can be downloaded on app stores or by the user whilst inside a Capitec Bank branch and enables clients to access their Global One facility to perform transactions using any web-enabled cell phone,” the bank said.
The app requires in-branch client biometric authentication in order to activate the service.
“We took a very simplified approach when developing the app as our main aim was to ensure that the offering allows our clients to take full control of their money in a secure and convenient manner whenever they need access to it,” said Charl Nel, Capitec head of strategic communication.
The app will be available for mobile phones, with the bank intentionally not making it available on tablets.
“Our interim focus is on mobile as we believe that the cell phone is the primary gadget that is always with the user, unlike the tablet which is commonly used for internet banking,” said Nel.
The app does not allow prepaid purchases at this stage due to it being able to function on all devices.
“However that function will be enabled on the app later this year,” Capitec said.
