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<\/a><\/p>\nFinancial services group Capitec says it is expanding its digital offering with the launch of Capitec Pay Me, enabling its clients to generate a personalised QR code on the bank\u2019s app to receive payments immediately and securely from other Capitec clients.<\/p>\n
Making and receiving payments is free, championing affordability for clients.<\/p>\n
With over 9 million digital banking clients, and 16 million total clients, Francois Viviers, Capitec Group executive of marketing, said: \u201cCarrying cash is expensive and unsafe. We\u2019re giving our clients, who are from all different walks of life, a simpler and safer way to pay. You\u2019ll no longer need cash to pay for small purchases at informal retailers, tip car guards or pay the person selling ice creams at the beach. It\u2019s also an easy way transfer money to family or friends and to split the bill at a restaurant.<\/p>\n
“We\u2019ve already seen over 2.5 million clients activate their unique QR code after quietly launching it on our app last week.\u201d<\/p>\n
Clients can activate and access their unique Pay Me QR code on the bank\u2019s app or visit a branch to get a printed version supplied in a plastic pouch with a lanyard.<\/p>\n
To pay someone the person receiving money shows their QR code, while the other person simply selects \u2018scan to pay\u2019. The payment is verified using your app pin or biometrics making it very secure. There is no need to enter account or cell phone details, saving time and preventing errors.<\/p>\n
\u201cWe\u2019re constantly challenging the norms of banking. A few years ago we asked why the traditional banks were charging around R50 for immediate payments. We initially lowered our fee to R10 and have managed to reduce the cost even further to R7.50. Our clients now do around 30% of all immediate payments in South Africa.<\/p>\n
\u201cJust as we\u2019ve made immediate payments affordable and accessible to all South Africans, we believe Pay Me is going to reduce South Africa\u2019s need for cash,\u201d Viviers said.<\/p>\n
Pay Me provides a way for clients to track their spending, Capitec said. Transactions are listed on the track money feature on Capitec\u2019s app.\u00a0 \u201cWe don\u2019t believe in innovation for innovation\u2019s sake. Each new feature must put clients in better control of their financial lives,\u201d Viviers said.<\/p>\n
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