The Capitec Bank app also uniquely offers security via the phone and not the sim card in the phone, substantially increasing security and removing SIM swop fraud. A further unique aspect of the app is that beneficiaries can be created on the phone for payment anywhere, anytime. The app can be downloaded on app stores or by the user whilst inside a Capitec Bank branch and enables clients to access their Global One facility to perform transactions using any web enabled cell phone.

Once the app has been downloaded onto the phone, an essential stage of the activation process is the in-branch client authentication which is done using Capitec’s fingerprint technology. The app download can only be completed once the user’s fingerprints have been linked to their specific cell phone. The consultant then puts a process into place where the app gets delivered to the client while in branch and the client is able to activate the app with their fingerprints. Access to the app and authorisation of transactions will be enabled by a remote PIN which is created by the user.

In cases where a device is lost, stolen or broken, customers will be required to repeat the authentication process.

Giving insight on the thought process behind the development of the app, Charl Nel, Capitec head of strategic communication says: “We took a very simplified approach when developing the app as our main aim was to ensure that the offering allows our clients to take full control of their money in a secure and convenient manner whenever they need access to it.”

Nel adds, “We realise that some clients might see the activation process as tedious and frustrating, but with the increasing amount of banking fraud, our approach was to rather create an application which is secure in order to protect our clients from becoming targets for fraudulent activity.”

Commenting on the decision to launch the app for mobile and not tablets, Nel said: “Our interim focus is on mobile as we believe that the cell phone is the primary gadget that is always with the user, unlike the tablet which is commonly used for internet banking.”

Due to its requirement to function on all devices, the app does not perform prepaid purchases yet, however that function will be enabled on the app later in 2014. In the meantime, clients are able to purchase airtime and electricity on their cell phones using the USSD number *120*3279#.