Standard Bank has launched a pay-as-you-transact bank account that costs R4.95 per month.
"MyMo" account holders will get 1GB of free data when applying for the account on Standard Bank's app. Customers who swipe their cards at least four times a month will get R50 free airtime and 500MB free data.
Withdrawal fees at supermarkets cost R1.40; withdrawals at Standard Bank ATMs R6.50 and at other banks' ATMs R12. Debit orders are R3.50; electronic payments R1.20; electricity purchases R1.50; and payment notifications R1 a month.
Customers will be able to make cashless payments through Masterpass or SnapScan; receive SMS notifications when there's activity on their account and they can tap to pay at certain retailers.