Customers can now make cash deposits directly into their own bank account at any Pick n Pay till point, anywhere in South Africa. 
Photo: Freepik
Customers can now make cash deposits directly into their own bank account at any Pick n Pay till point, anywhere in South Africa. Photo: Freepik

Customers can now deposit cash at Pick n Pay till points

By BR Correspondent Time of article published Jul 8, 2020

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DURBAN - Customers can now make cash deposits directly into their own bank account at any Pick n Pay till point, anywhere in South Africa. 

Deposits at till points is another first for the retailer as the retailer becomes a one-stop-shop where customers can do their shopping and banking at the same time.

This new deposits at till points service at Pick n Pay – facilitated through the national payment system – will allow customers from all South African banks 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.

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 1700+ stores," said van Rensburg. 

He added, "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".

The other role-players involved in facilitating this service include Visa, Mastercard, and Absa as the acquiring partner to Pick n Pay. There is a set transaction fee of R19,95 for this service, irrespective of the amount deposited.

Through the Visa Direct platform, any cash deposits made by Visa cardholders will reflect on their bank account in real-time. 

"The digitisation of cash deposits is another example of the many ways we are advancing our goal of digitizing 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," said Aldo Laubscher, Country Manager at Visa South Africa.

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," concluded Morel. 

How does it work?

1. Specify the amount in cash you wish to deposit and hand it to the cashier

2. Insert the card linked to your account into the reader

3. Follow the prompts and enter your pin 

The service is live already and at any Pick n Pay stores, including Clothing stores.

BUSINESS REPORT ONLINE

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