This is how many customers are joining Capitec every month
Despite a turbulent start to the year, Capitec is still proving to be an incredibly popular option for South Africans, with the bank recently expanding its range of financial services products in May, with the launch of Capitec Insure.
Featuring paperless applications, claims are paid out within four hours, and cover for up to 22 lives on one policy. At the same time, the bank launched a number of unique funeral products which range from R10,000 to R100,000.
“We designed the funeral plan to be the most affordable, easiest to use and straightforward product on the market and based it on the same principles that our business was founded on 17 years ago – simplicity, transparency and affordability,” said Gerrie Fourie, CEO of Capitec Bank at the product’s launch.
These products follow the introduction of a credit card, which when combined with a number of popular features such as nominal transaction rates has lead to the bank being consistently voted as one of the best in the world.
This is has been reflected by the number of customers that are joining the bank each month, said Charl Nel, head of communications at Capitec, who noted that the bank is currently adding 100,000 on average per month.
Samsung Pay
In addition to the introduction of a number of products and services over the last year, Nel has confirmed that Capitec will also be introducing Samsung Pay functionality.
Already confirmed by Absa and Standard Bank, Samsung Pay is an application which lets you store bank card details on a device, and make purchases by tapping or ‘swiping’ your smartphone rather than with a physical bank card.
The app lets you make payments via Magnetic Secure Transmission, which mimics the magnetic stripe on the back of your card.
It can also use NFC technology in contactless cards for ‘tap-and-go’ payments.
However Nel indicated that while Capitec clients will ‘most certainly’ be able to use this feature – because the technology is available only to a few high-end Samsung handsets in general – this represents a very small portion of the bank’s clientele.
“(This) is why Capitec will continue to focus on Masterpass as a payment wallet, as it has a wider appeal to clients and is available on various smartphone handsets. Masterpass is a secure digital wallet which simplifies the payment process by storing a client’s payment information in one place,” he said.
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