Banking upstart Capitec has reinforced its credentials as a financial institution for the mass market by introducing an ATM into which customers can deposit coins – a first in SA.
Charl Nel, head of strategic communications at Capitec Bank, said all valid SA currency can be deposited via the ATM cash recycler including 5c, 10c, 20c, 50c, R1, R2 and R5.
“We simplify the deposit process – the machine will count and validate the money.”
“They (customers) have access to the functionality 24/7, the screens and flows are easier to use and the machine will have higher uptime due to better cash availability.
“However, coins cannot be withdrawn, they can only be deposited,” said Nel. “We only dispense coins when a client closes their account, when coins are needed to pay out the balance, when a client settles a loan with a cash deposit and when the deposit amount is more than the settlement amount.”
The cash recycler, which combines a cash acceptor, cash dispenser, coin dispenser, coin acceptor and cheque acceptor in a single machine has improved security as it automates note and coin validation; improves transaction flow and client interface; and has better cash levels compared to the bank’s traditional ATMs.
“A recycler is an ATM that accepts deposits and dispenses cash… the cash is recycled (a customer’s cash that is put into the machine is given out to other customers who want to draw cash), hence the cash is ‘recycled’ and the ATM is more affordable to maintain,” said Nel.
He said that very soon the ATM cash recycler would be both card and fingerprint biometric-based, except for the PIN change function which requires the card.
“Fingerprint biometrics will also prevent fraudulent activity like card skimming and card swopping and low maintenance benefits our fee structure as well.
Nel added that the fingerprint would be used in conjunction with a card number, account number or ID number to verify that the client was a Capitec Bank client.
Both Capitec Bank clients and non-Capitec Bank clients will be able to use the ATM cash recycler, but only Capitec Bank clients would be able to use the fingerprint biometric functionality.
Currently, there is only one cash recycler ATM at the Eikestad Mall in Stellenbosch.
“We plan to pilot eight machines in total in the Cape Town area but further roll-out will naturally depend on the success of the pilot.”
Clients will be able to deposit notes, coins and cheques (cheques will be activated at the end of August along with the fingerprint biometric functionality), withdraw notes, do balance enquiries, PIN change, multiloan drawdown, close account withdrawal, account transfer (Capitec Bank clients only) and a third party deposit function where a non-Capitec Bank client can deposit money into a Capitec Bank account.
Cape Argus