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Major banks new partnership offers innovative payment solutions

January 30, 2019 • Finance

Major banks new partnership offers innovative payment solutions

Credit cards are all about convenience – in-store, online or overseas. Using credit now and gaining long-term financial benefits may seem like worlds apart. That’s about to change.

Professional Provident Society (PPS), the financial services company focused wholly on providing solutions for graduate professionals, teamed up with Standard Bank to conceptualise and deliver two unique offerings to its member base.

The PPS Platinum Credit Card enables professional graduates to turn their accumulated reward points into profit-share savings over the long-term. PPS will offer a ‘Profit-Share Booster’, one of the unique features which makes the PPS Credit Card different in the marketplace.

The Profit-Share Booster programme is in addition to a bouquet of value-added services launched through the PPS Rewards platform. Also included is a digital wallet, which connects members with retail partners for a seamless, integrated digital experience coupled with access to bespoke travel benefits. Retail partners include fuel, shopping, health and entertainment. This is a completely digital experience which will provide PPS members with the choice to enjoy tailored benefits and grow their respective Profit-Share Accounts.

For PPS members who have a practice or a business, PPS is also launching payment solutions enabling PPS members to accept a range of card transactions across various platforms.

“PPS is the only financial services company in South Africa operating under the ethos of mutuality where profits are paid back to members,” explains Billy Lynch, Executive: Strategic Development at PPS. “These new and expanded financial offerings, which complement our current range of insurance and investment solutions, are designed to deliver additional value to our members,” says Lynch.

PPS members who are business owners and take up the PPS Payment Solution offering stand to benefit from reduced costs associated with current solutions in the market through lower pricing, contributing to immediate benefit for members.

“In a world of rapid change and ever-evolving client needs, success will depend on creative partnerships,” says Lincoln Mali, Head of Group Card and Emerging Payments at Standard Bank.  “We are therefore very excited to be partnering with PPS in designing a superior value proposition that delivers on what matters most to PPS members.”

Edited by Neo Sesinye
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