Pick n Pay, South African second-largest supermarket chain store has introduced a new service that enables customers to make cash deposits directly into their own bank account at its till points.
According to the company, the service will be available at all Pick n Pay stores, including clothing stores, with deposits limited at R5,000 per transaction in 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, regardless of the amount deposited.
Chief Information Officer at Pick n Pay, Richard van Rensburg said, “While many customers are choosing the convenience of online banking, many South Africans rely on bank branches or ATMs for services, such as cash deposits. We want to make banking services more accessible and convenient for customers, and offering these value-added services helps us do this due to the location and network of our 1 700+ stores.”
“Deposits at till points will provide easy access for customers who don’t have a bank branch or ATM in their area, which will save them time and money they would have spent on transport. Our stores will also provide a safe environment to deposit their cash, seven days a week,” said van Rensburg.
For some time now, customers have been able to withdraw cash from till points and can deposit cash.
Only last year, Pick n Pay said it facilitated over R36 billion in cash withdrawals.
Visa and Mastercard have partnered with Pick n Pay on the service, while Absa serves as the acquiring bank partner.
In addition, the retailer has entered a strategic partnership with TymeBank to offer customers access to a low-cost banking solution which includes cash withdrawals and deposits through till points.