Absa head of Retail Markets‚ Arrie Rautenbach attributes the acquisition of the landmark deal to significant progress the bank has made as a key player in the growing e-commerce industry.
He said Absa had been the preferred card acquiring partner of the Mr Price Group since 1996 while the bank has seen significant year-on-year payment acceptance value growth‚ of 142%‚ through its e-commerce platform.
"Absa's in-depth understanding of the payment acceptance environment stands as testament to our reputation as a leading acquirer in the South African market and as an ideal banking partner to support Mr Price‚" said Rautenbach.
Absa's partnership with Mr Price will see the bank develop a world-class early fraud detection capability for Mr Price's recently introduced online shop that matches the best in the market. The fraud mitigation service would assist in combating online fraud to ensure that customers' card accounts are not compromised.
"Online banking is one of the most successful stories to emerge from the advent of e-commerce. It provides unprecedented flexibility for consumers. However‚ for e-commerce to realise its full potential‚ consumers must have confidence in the security of online transactions‚" said Rautenbach.
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