Following on Pick n Pay’s recent launch of a new point-of-sale service called Deposit @ Till, the functionality has been further extended to include the Pick ‘n Pay Group’s Boxer Stores. Deposit @ Till enables customers to make direct cash deposits into their bank accounts at any Pick n Pay and Boxer store countrywide. According to Richard van Rensburg, Chief Information Officer at Pick n Pay, this is another step towards making banking services more accessible and convenient for customers, anywhere in South Africa.
Pick n Pay is a leading retail group with a footprint of over 1,700 stores. Over the past few years, it has embarked on a structured rollout of innovative financial services in-store, both at the point-of-sale and at specially designated kiosks within selected stores.
Deposit @ Till was developed by Efficacy Payments in partnership with leading technology provider, Transaction Junction, with Absa as the sponsoring bank. Efficacy Payments is a South African payments company that forms part of the Crossfin-owned Crossgate Group. The business was established with a financial inclusion and cash displacement strategy in mind.
Efficacy Payments also formed a strategic partnership with Visa to support them in developing and commercializing the use of Deposit @ Till in South Africa using Visa Direct, Visa’s real-time push payment solution.
Andrew Marsh, Managing Director at Efficacy Payments, believes there is still a large need to expand customer access to financial services. “A significant number of wage earners still get paid in cash on either a daily, weekly or monthly basis. By the time they finish work and get paid, most traditional bank branches are closed and cash accepting ATMs are few and far between. This leaves wage earners vulnerable to criminal elements as they make their way home.”
With Pick n Pay and Boxer’s significant national footprint and daily, longer trading hours, the Deposit @ Till service will now enable customers to safely deposit wages and other funds into any Visa or Mastercard linked bank account.
Currently, customers from ten banks can make use of Deposit @ Till with the remaining banks being brought onboard in due course. Customers only need to bring their Visa or MasterCard bank card and the cash they wish to deposit to any Pick n Pay or Boxer till point. The cashier will assist with making a direct deposit into the customer’s card-linked bank account and provide a till slip as proof.
Efficacy Payments has also been working with Visa over the past four years to improve the consumer experience and enable the unique new experience of depositing money into any bank account, and across networks. Marsh says that while they’ve worked on the service long before the COVID‑19 pandemic, the timing of the launch is perfect considering the sudden move to more contactless and digital forms of payment. “Deposit @ Till at any Pick n Pay or Boxer store gives customers a great way to digitise their cash wages and from there transact safely with their Visa or Mastercard card.”
According to Otto Williams, Vice President and Head of Strategic Partnerships, Fintechs and Ventures in CEMEA at Visa, “Withdrawing cash from till points has existed for many years but through the new Deposit @ Till facility, customers can now also deposit cash directly into a Visa linked bank account. Working with our partners to drive the next generation of digital payments is core to our growth strategy at Visa. With the proven success of Visa Direct, we are excited about our strategic collaboration with Efficacy Payments and the launch of Deposit @ Till. This will provide a new way to meet the needs of today’s consumers and especially wage earners who will benefit from the security and convenience that digital payment provides.”
Negotiations are currently underway to bring more retailers on board. “Expanding access to deposit facilities at the retail point of sale also alleviates some of the pressure on bank branches and ATMs while driving additional foot traffic into retail stores,” adds Marsh. “As consumers and businesses adapt to the new post lockdown reality, banks, retailers and consumers will continue to seek greater choice in how financial services are offered. We believe we will see more partnerships that bring together large retailers and banks as well as smaller innovators to deliver new forms of value to customers during these challenging times and beyond. Pick n Pay’s Deposit @ Till is the start of the journey – we have a number of further innovative solutions currently under development.”
For more information about Efficacy Payments, please visit www.efficacypayments.com