“For many years, customers have been able to withdraw cash from till points and now they can deposit cash, up to the value of R5,000 per transaction, at any Pick n Pay stores, including Pick n Pay Clothing stores,” exclaimed the retailer in a statement.
The store reportedly facilitated over R36 billion in cash withdrawals in 2019.
“This is steadily increasing each year as customers enjoy the convenience of being able to ‘bank’ at their nearest Pick n Pay store.”
The new deposits service will be facilitated through the national payment system, meaning that customers from all South African banks will be able to deposit cash directly into their bank account at any PnP till point.
“Customers would 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.
Richard van Rensburg, Chief Information Officer at Pick n Pay, says 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+ 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,” added van Rensburg.
“Further promoting financial inclusion in stores is Pick n Pay’s strategic partnership with TymeBank to offer customers access to a low-cost banking solution, including cash withdrawals and deposits through till points.”
The other role-players involved in facilitating the deposit service include Visa and Mastercard, as well as Absa who is the acquiring partner to Pick n Pay.
Through the Visa Direct platform, any cash deposits made by Visa cardholders will reflect on their bank account in real-time.
Country manager at Visa South Africa Aldo Laubscher added in a statement: “The digitisation of cash deposits is another example of the many ways we are advancing our goal of digitising payments by increasing how and where our products and services can be used. Working closely with Pick n Pay has shown that enabling deposits at till brings a new level of convenience to individuals and small business owners.”
According to Suzanne Morel, country manager at Mastercard South Africa, consumers are increasingly moving away from cash and opting for digital payments as access to alternative channels improves, such as PnP’s deposit at till points.
“Cash is inconvenient, costly and unsafe. By partnering with Pick n Pay, Mastercard can bring this convenient solution to the market in a step that will further speed the transition towards a cashless and more inclusive society.”