Pick n Pay now allows customers to deposit money directly into their own bank accounts at till points.

For years, customers have been able to withdraw cash from till points and now they can deposit cash, up to the value of R5 000/transaction, at all Pick n Pay stores, including Clothing stores, the retailer said on Wednesday.

Pick n Pay facilitated over R36-billion in cash withdrawals last year in its stores, and this is steadily increasing each year, it said.

“The new deposits at till points service at Pick n Pay – facilitated through the National Payment System – means that customers from all South African banks will be able to deposit cash directly into their bank account at any till point,” the retailer said. “Customers will need to have their bank card with them and they’ll be required to enter their Pin into the card machine to complete the transaction.”

Pick n Pay CIO Richard van Rensburg said: “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.”

Acquiring bank

Deposits at till points will be particularly useful for customers that don’t have a bank branch or ATM in their area, Van Rensburg said.

Visa and Mastercard have partnered with Pick n Pay on the service, as has Absa, which serves as the acquiring bank partner. There is a set transaction fee of R19.95, irrespective of the amount deposited.