The Pick n Pay group has extended its Deposit @ Till functionality to its Boxer Stores.
With the new service, customers in any store can make cash deposits directly into their own bank account up to the point in time.
In addition to the boxer stores, the retailer said the service will be available In all Pick n Pay stores, including clothing stores, deposits are capped at R5,000 per transaction.
Richard van Rensburg, Chief Information Officer at Pick n Pay, said this is another step in making banking services more accessible and convenient for customers across South Africa.
Customers from ten banks can currently use Deposit @ Till, with the remaining banks being brought on board in due course.
Customers just need to bring their Visa or MasterCard debit card and the cash they want to deposit to a Pick n Pay or Boxer to the point.
The cashier helps with the direct payment to the customer̵.
7;s card-based bank account and provides a receipt as proof. Deposits can be made to any South African bank account.
Customers must have their bank card with them and enter their PIN into the card machine to complete the transaction.
A fixed transaction fee of R 19.95 is charged for this service, regardless of the amount deposited. In comparison, ATM deposits are typically charged between R1 and R2 per R100 deposited.
More business in the future
Deposit @ Till was developed by Efficacy Payments in collaboration with the technology provider Transaction Junction and Absa as sponsoring bank.
Andrew Marsh, managing director of Efficacy Payments, said there is still a great need to expand customer access to financial services.
“A significant number of wage earners are still paid in cash on a daily, weekly or monthly basis. By the time they finish their jobs and get paid, most traditional bank branches are closed and there are few ATMs that accept cash. This leaves wage earners vulnerable to criminal elements on their way home. “
With the significant national footprint of Pick n Pay and Boxer and longer daily trading hours, the Deposit @ Till service now enables customers to securely deposit wages and other funds into any Visa or Mastercard linked bank account, he said.
Marsh said negotiations are currently underway to bring more retailers on board.
“Expanding access to point of sale deposit facilities in retail stores will also reduce pressure on bank branches and ATMs, while increasing additional foot traffic into retail stores,” he said.
“We believe we will see more partnerships bringing together large retailers and banks, as well as smaller innovators, to bring new forms of value to customers in these challenging times and beyond.”
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