Bank Zero Introduces 3 New Features for Seamless Banking in South Africa

South African digital bank, Bank Zero, is gearing up to roll out three new features: Pay Many, Immediate Payments, and Phone Tap Payments.

According to Michael Jordaan, the bank’s Chairman, Phone Tap Payments will enable integration with smartphone wallets for convenient tap payments.

Pay Many facilitates salary payments, while Immediate Payments, similar to PayShap, offers instant interbank electronic payments with fewer restrictions.

Having been registered with the South African Reserve Bank in 2018, Bank Zero is delivering on its 2023 promise to enhance bulk payments and collections through these three features.

Users are buzzing with speculation about potential integrations with platforms like Google Pay, Apple Pay, and Samsung Pay for Phone Tap Payments. However, the bank is yet to unveil its supported platforms.

Bank Zero is considering all smartphone payment platforms, with future plans to support watch platforms like Garmin Pay and Fitbit Pay.

Notably, these watch payment services are already supported by major banks in South Africa, including Capitec, First National Bank (FNB), and Standard Bank.

The bank, which launched its app-only solution in October 2023, has expanded beyond payment processing to include advanced features like creating internal banking teams and modifying access rights.

Bank Zero is maintaining its zero-pricing policy, offering basic banking activities for free, while charging comparatively lower prices for additional services.

For international payments using Bank Zero cards, the fintech charges 1%, a significant contrast to the 2.75%+ fees imposed by traditional banks.

In South Africa’s neobank landscape, Bank Zero stands alongside others like TymeBank and Discovery Bank, providing alternative banking options for users.