Barclays’ South Africa-based subsidiary,
ABSA, has reported a massive 65% increase year-on-year in financial
transactions conducted via its mobile channel.
ABSA’s retail banking CEO, Gavin Opperman,
said:
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“Mobile banking adoption continues to beat
expectations. In 2011, we will see transaction values of about
ZAR10bn ($1.3bn) transferred via the mobile channels.
“With a wide range of transactional and
enquiry services that are now available via Cellphone Banking, more
customers every day are realising the convenience, simplicity and
cost-effectiveness of banking on their phones.
“It is not surprising, therefore,
that we signed up our three millionth cellphone banking user this
week.”
Prepaid airtime top-ups continue to be a
popular m-banking service, recording a 69% year-on-year
growth.
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By GlobalData“The domestic money transfer service
CashSend, and the international version, Western Union money
transfer, have also proven to be extremely popular.
More than a third of all CashSend
transactions are conducted via the mobile channel.
“CashSend is a truly game-changing
innovation,” says Opperman.
“From wherever you may be, customers
can make an instant payment to anyone in South Africa, irrespective
of whether they have a bank account or not – as long as they have a
cellphone number.”
Although the bank currently boasts 3m
million cellphone banking customers, the total number of customers
interacting with Absa via the mobile channel exceeds 7m: the
number of customers registered for ABSA’s SMS alert service,
NotifyMe.
This equates to almost a 70% penetration
rate among ABSA’s acive transactional customers.
