The Pick n Pay group has expanded its Deposit @ Till functionality to its Boxer Stores.
The new service allows customers to make cash deposits directly into their own bank account at any store till point.
In addition to Boxer stores, the retailer said that the service will be available at all Pick n Pay stores, including clothing stores, with deposits limited at R5,000 per transaction.
Richard van Rensburg, chief information officer at Pick n Pay, said that this is another step towards making banking services more accessible and convenient for customers, anywhere in South Africa.
Currently, customers from ten banks can make use of Deposit @ Till with the remaining banks being brought on board in due course.
Customers only need to bring their Visa or MasterCard bank card and the cash they wish to deposit to any Pick n Pay or Boxer till point.
The cashier will assist with making a direct deposit into the customer’s card-linked bank account and provide a till slip as proof. Deposits can be made into all South African bank accounts.
Customers will need to have their bank card with them and they’d be required to enter their pin into the card machine to complete the transaction.
There is a set transaction fee of R19.95 for this service, irrespective of the amount deposited. By comparison, deposits at ATMs are typically charged at between R1 and R2 per R100 deposited.
More stores in the future
Deposit @ Till was developed by Efficacy Payments in partnership with technology provider, Transaction Junction and Absa as the sponsoring bank.
Andrew Marsh, managing director at Efficacy Payments, said that there is still a large need to expand customer access to financial services.
“A significant number of wage earners still get paid in cash on either a daily, weekly or monthly basis. By the time they finish work and get paid, most traditional bank branches are closed and cash accepting ATMs are few and far between. This leaves wage earners vulnerable to criminal elements as they make their way home”
With Pick n Pay and Boxer’s significant national footprint and daily, longer trading hours, the Deposit @ Till service will now enable customers to safely deposit wages and other funds into any Visa or Mastercard linked bank account, he said.
Marsh said that negotiations are currently underway to bring more retailers on board.
“Expanding access to deposit facilities at the retail point of sale also alleviates some of the pressure on bank branches and ATMs while driving additional foot traffic into retail stores,” he said.
“We believe we will see more partnerships that bring together large retailers and banks as well as smaller innovators to deliver new forms of value to customers during these challenging times and beyond.”
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