South Africa’s Absa bank today announced that the sum of their online banking transactions hit a record one trillion rand last year. This figure accounts for individual as well as small business online transactions.
“For the first time in any calendar year, 2011 has seen us break through the trillion rand mark in transaction values, with an average of 70 million transactions being processed every month,” Arrie Rautenbach, Absa’s Head of Retail Markets, said.
Of Absa’s 70 million monthly online transactions, these categories proved most popular:
Payments – bill payments, beneficiaries, once-off and CashSend payments.
Statements – requesting of account statements.
Notice of payments – sending recipients notices via SMS, email or fax.
Inter-account transfers – moving money between one’s own accounts.
“Developments such as the impact of new sources of international undersea connectivity, increased competition in the internet service providers industry which has resulted in lower data prices and the influx of affordable net-book and notebook computers are expected to bring a whole new group of South African users online,” Rautenbach added.
“It is therefore not surprising to see a sharply rising demand and market appetite for new online functionalities. Since one of the most useful internet applications is online banking, we are ramping up investment in our online channel to cater for the rapidly increasing volumes of traffic.