It gets worse when the bank card is lost, stolen or cloned.
This has called for massive innovation in the fin tech sector.
And that innovation roared during the firstCovid-19hard lockdown in 2020.
Financial technology expert, Noma Sithembe, believes that the varying needs of banking customers drives the growth in the financial sphere. Image: SuppliedSource: Original
The Covid-19 pandemic not only changed the way people live but also the way they transact.
South Africans have changed the way they bank thanks to some evolving technological advancements.
Virtual banking is one of them.
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Virtual bank cards are now the in thing.
Virtual cards are loaded onto smart phones and smart watches enabling the devices to make secure, contactless payments.
Transactional card cloning has seen many South Africans losing large stashes of money from their bank accounts.
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The absence of a physical representation make them ideal.
A big local telecommunications giant has also introduced virtual cards on their digital wallets.
But why have South Africans embraced this innovation and is it here to stay?
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Their convenience has literally transformed the banking sector.
Educational technology has seen a rise as more schools take the virtual path to education.
From remote work to remote schooling, life has changed and technology has had to innovate to keep up.
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There has been agrowth in the utilisation of educational technology(EdTech) as classrooms adjust to online learning.
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She has worked at Independent Media and 1KZNTV and has contributed columns to the Washington Post.
Passed a set of trainings by Google News Initiative.
