Stanbic Bank launches E-commerce platform

STANBIC Bank Zambia has partnered with a Kenya-based company in an initiative that will enable customers to make online sales without physically presenting their credit or debit cards at the time of purchase.
The new E-commerce service allows transactions to occur online through a personal computer, mobile device or phone, without the need for a customer’s debit or credit card.
The bank is implementing the E-commerce platform in partnership with Direct Pay Online, an online payment solutions company that has implemented similar projects in Eastern and Southern Africa.
Speaking at the launch of the e-commerce service in Lusaka on Tuesday, Direct Pay Online Group chief executive officer Eran Feinstein said the online payment solution simplified how to pay merchants and how to be paid by agents.

We are giving a technology that allows you to make payments anywhere, anytime. We truly believe that everywhere you go, there should be one simple solution that gives merchants the option to accept online payments without boundaries,

Feistein said.

And Stanbic chief executive Charles Mudiwa said the bank had continually endeavoured to keep its banking systems in sync with modern developments in information and communication technology.

“What Stanbic has done in partnership with Direct Pay Online is to bring the world closer to your doorstep to allow you to do transactions from the safety of your home, car or anywhere else you are,” said Mudiwa, adding that the initiative would bring about a significant reduction in distribution costs, which was key to reducing the cost of doing business..

“…With this new service, merchants who are our customers have easy access to markets around the world. They can reach new customers and create better trade relationships with all customers with as fewer barriers as possible.”
To prevent the risks of fraud associated with online transactions, the E-commerce service will use Internet fraud and risk management solutions such as CyberSource and 3D Secure.