Players in the banking sector are optimistic that even though Mobile Money seems to be the easiest payment module in recent times, the usage of bank cards still plays an integral role in the payment system.
Some financial experts believe bank cards will become extinct in Ghana due to the innovative channels to connect bank accounts to Mobile Money wallets.
But the Head of Retail Banking at Standard Chartered Bank, Henry Baye believes cards will continue to be vital due to the mechanism that are put in place to ensure safety.
“Credit cards will continue to do well because the infrastructure around credit cards is very well advanced, it’s very well established; of course mobile payments and online payments are almost leapfrogging the era of cards. But don’t forget that those who developed cards are also not sleeping. There are always new technology; contactless technology and so on which are also being developed by card issuers,” he told Starr Business’ Osei Owusu Amankwaah at the launch of the bank’s Visa Infinite and Visa Platinum credit card.
“What happens to those things is that the whole thing become like an eco-system, none of them is bigger than the other, they all now begin to interact. So we are moving to a place where the whole digital eco-system will begin to work together. So you can’t say mobile has become more important than cards you can’t say cards have become more important than mobile,” he added.
The Standard Chartered Visa Infinite Credit Card is a premium card that comes with unparalleled benefits including complimentary travel insurance of up to 2.5 million dollars, worldwide emergency services and unlimited Airport lounge access for the cardholder and a guest.
Holders of the Infinite card get to earn five times rewards on travel, supermarket and fuel, which demonstrate the Bank’s commitment to providing world class products and services to its clients.
Mr Baye said the Bank is focused on introducing latest cutting-edge digital capabilities to the market, adding that the card, the first in the Ghanaian market marked another milestone in the Bank’s 120-year history.
“The credit card will change the culture of transacting business in the country, while we move towards a new era of becoming a cash-lite society,” he said.
The card, he said has wide coverage and is accepted at over 23 million Merchants and ATMS locally and globally. “The card is globally accepted, convenient, secured, and interest free period which opens the world of innovation to its clients.”