Absa, the second largest bank in South Africa by assets has announced its customers will be able to redeam cash rewards on its mobile banking platform, Absa.mobi.
Absa rewards members can also cash rewards balances online into Absa investment products, Absa transactional accounts, charities, shopping mall vouchers and airtime vouchers.
Arrie Rautenbach, Absa’s head of retail banking said: "While further distinguishing Absa as being one of the only banks in South Africa to introduce a rewards programme that offers real cash back on every swipe including debit cards, we are proud to be able to reward our customers with the convenience of earning these rewards in cold, hard cash and doing so at leisure, whenever and where ever, using a mobile phone."
"As we have seen with our successful online redemption offer, where Absa Rewards members have to date redeemed a total of over R10 million online, consumers appreciate the ability to redeem their cash-back rewards at any time, offering them even greater control of how they choose to use their rewards."
To encourage account switching as fewer South Africans remain unbanked Absa is offering new customers who open an packaged account before the end of July free Absa Rewards subscription for a year and a personal switching assistant for three months.
In April Absa launched a financial services app, aimed at individual and business customers.
Absa described the app as the first real, native financial services app available on smartphones and tablets.
The software, which provides a built-in video tutorial, allows multiple users in a household to log onto one device, or one user to log into multiple devices.