SA software enables users to switch bank cards on and off as required

8 Oct

If you didn’t think that South Africa was on the map when it comes to technology, think again! South African developed technology is the innovation that enables banks on a global scale to offer users absolute control over their bank cards. What does this mean? This means that the security of your bank card will be greatly increased…what’s more, as a bank card user you will be able to turn your card off and on as required – now that is security we can all appreciate. The patent for this technology in South Africa is owned by Rorotika.

This feature to switch a card on or off offers exceptional security control for card holders. This means that if your card is switched off and it is stolen, it simply will not work – even if it is swiped at a grocery store payment terminal, ATM or similar.

The product is soon to be rolled out in Hong Kong as earlier in August 2014, Old Mutual based in Namibia detailed an agreement planned with Tranwall. Tranwall will be offering “transaction control” to its Old Mutual customers in Hong Kong via the OMcard.

How does the system work? Tranwall offers a product called Tranwallet which is an app that can be installed on your Smartphone. The app is compatible with both Android and iOS. Banks that support the app and system will need to allow customers to set up certain security parameters for their debit and credit cards. The card can then be activated or deactivated via this app as required, or users can implement daily and monthly settings where the card is active and inactive at certain times.

It is said that the app and system will be easy to implement and that banks that choose to get on board with this security feature will certainly earn themselves new loyal customers.

Do you think that such a service would do well in South Africa? Would you register for it and more importantly, if your bank doesn’t support the feature, and another does, would this encourage you transfer your account across? The time to start taking our security more seriously is now. We hope that this new technology can reduce crime and related fraudulent card use, worldwide.

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