Bank Zero, a new no-fees, app-based South African bank, is currently undergoing a closed beta test with select clients. This is in the lead up to a proper launch.
Bank Zero has been promoting its new way of banking since 2019. Although it went quiet for a while, it has been confirmed that they are moving forward in their plans to revolutionise banking in the country. Plan to launch are set for 2021.
Unlike the big banking names, Bank Zero has no brick-and-mortar stores. Rather it is entirely app-based. The accounts will act like savings account and a unique patented bank card.
This simple format taps into South Africa’s unique situation of having many underbanked or unbanked citizens who have adequate smartphones. As such, accessing a banking app and having a really low-cost banking option serves them better than all the bells and whistles that come with a traditional bank.
The card features three identifiers: The physical card number that’s embossed on the face, the number allocated to the mag strip and the microchip.
The embossed number works for 2-factor authentication, the mag strip for swiping at till and the chip for tap and go. This is an attempt by Bank Zero to increase security for their customers.
Picture: Bank Zero