Augusta has unveiled a smart card system designed for credit unions that would encourage cardholders to shop at local merchants.
Augusta has developed the system in partnership with Ingenico, a supplier of payment solutions. This system represents an evolution of a system applied by Augusta with one of Africa’s largest banks across many remote areas of Africa.
Not only will the smart card enable people to access credit union services via many local retail outlets but it will allow them to use community services such as libraries, concessionary travel, discounted leisure facilities, pre-paid car parking and payment of benefits.
The cards give local traders a mechanism to reward loyalty with vouchers or discounts that encourage more shopping within local communities. In addition the cards are particularly cost-effective for transactions under £10, thereby reducing the amount of money taken out of the local economy in cash management fees and bank charges.
The new system is based on NXP DESfire MIFARE technology and meets both EMV banking and LASSeO local authority specifications and frameworks. It will use the Ingenico EFT930 GContactless card wireless terminal.