Pick n Pay has announced the addition of Capitec Bank cash deposits at tills across its 1,400 stores in South Africa.
The bank joins 10 other banks, including Absa, FNB, TymeBank and Standard Bank. Pick n Pay first launched cash deposits and other banking services at its tills in 2020.
Capitec cash deposits now at Pick n PayWith the addition of Capitec cash deposits at Pick n Pay tills, Pick n Pay now empowers all banked customers to deposit cash, withdraw funds and transfer money instantly at the checkout, making Pick n Pay the most accessible banking point in retail, the retailer said in a media release on Tuesday 12 August.
Capitec is South Africas largest bank by number of customers with over 24 million. They will now have the option of accessing the banks basic services at Pick n Pay without having to make a separate visit to a branch or ATM.
The simplicity of the process requires no app, special onboarding process or bank account, making Pick n Pays cashpoint banking solution one of the most accessible in the country, the retailer said.
Over the past five years, banks have reduced their ATM footprint by 8,345 because of high maintenance costs, security concerns and limited reach. They have also expanded their partnerships with retail chains.
Besides Capitec, the other banks that have partnered with Pick n Pay include:
- African Bank
- Albaraka Bank
- Bidvest Bank
- Discovery Bank
- FNB
- Grindrod Bank
- Nedbank
- TymeBank
- Sasfin Bank
- Standard Bank
We are proud to offer the most inclusive retail banking solution in South Africa, said Deven Moodley, Executive Head of Pick n Pays value-added services, financial services, and mobile division.
By integrating an expanded banking offering into the retail experience, were helping customers save time and reduce transport costs, while providing essential financial services that are safe and convenient.
According to Capitecs transaction fees page , cash withdrawals at supermarket tills cost R2 each. Each deposit will cost R1.40 per R100 at Pick n Pay tills.