Absa launches mobile cash rewards system

African banking giant Absa today launched a new programme which will allow South African customers on its mobile rewards scheme to redeem cash rewards on its mobile banking platform.

Accessed through the bank’s mobi site, the new initiative gives Absa Rewards customers the ability to redeem their rewards and view their cash balance on the fly.

Absa claims that its rewards programme, which it calls a “South African first” has around a million users and reckons that the changes will enhance their experience as well as entice new users.

Arrie Rautenbach, Absa’s Head of Retail Banking described the announcement as truly consumer-led. “While further distinguishing Absa as being one of the only banks in South Africa to introduce a rewards programme that offers real cash back on every swipe including debit cards, we are proud to be able to reward our customers with the convenience of earning these rewards in cold, hard cash and doing so at leisure, whenever and where ever, using a mobile phone.”

“As we have seen with our successful online redemption offer, where Absa Rewards members have to date redeemed a total of over R10 million online, consumers appreciate the ability to redeem their cash back rewards at any time, offering them even greater control of how they choose to use their rewards.”

Given that the people most likely to be on the rewards programme are higher-income earners, it’s interesting that Absa didn’t add the functionality to its smartphone app, launched in April.