Pick n Pay has launched a new service which will allow customers to make cash deposits directly into their own bank account at any store till point.
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.
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.
Richard van Rensburg, chief information officer at Pick n Pay, said that 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-plus 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.
Pick n Pay said that it facilitated over R36 billion in cash withdrawals last year in its stores.
The retailer has also entered into a strategic partnership with TymeBank to offer customers access to a low-cost banking solution, including cash withdrawals and deposits through till points.