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TymeBank goes live in Pick n Pay and Boxer stores

CUSTOMER CARE A TymeBank customer will be able to earn Smart Shopper points anywhere when they use their TymeBank card to make a purchase.

CUSTOMER CARE A TymeBank customer will be able to earn Smart Shopper points anywhere when they use their TymeBank card to make a purchase.

15th March 2019

     

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Last month, South Africa’s first fully licensed digital bank TymeBank went live in 500 stores of supermarket chain store Pick n Pay and discount supermarket Boxer in preparation for its formal launch.

This followed a successful soft launch in December when the bank went live in 20 Pick n Pay and Boxer stores, in total. Over 50 000 customers have already opened a TymeBank account since then.

TymeBank offers customers a full-service bank account for less than half the cost of the nearest equivalent product from any of the traditional banks.

Customers are able to open a fully Financial Intelligence Centre Act-compliant bank account in over 500 Pick n Pay or Boxer stores and be issued with a Visa debit card in under five minutes. No documentation is required.

Pick n Pay deputy CEO Richard van Rensburg says the company has, for many years, been exploring ways to help make banking more accessible and convenient and lower the cost of transactional banking for its customers.

“TymeBank does just that, and we are delighted to be partnering with them on this exciting innovation,” Van Rensburg adds.

He states that the advent of a digital banking model is fundamentally changing the nature of banking globally and it is good to see South Africa at the forefront of this innovation. Digital banking is good news for customers and the economy, as banking services will become more accessible to everyone.

However, Van Rensburg explains that, when opening a bank account, a personalised debit card to be used at any Visa merchant in the country will be issued in under five minutes, with no paperwork required. TymeBank kiosks in Pick n Pay and Boxer stores are equipped with highly secure technology using real-time biometric recognition. “This means a customer doesn’t need an identity document or any other paperwork to open an account.”

There are no monthly fees, no account initiation fee, no card issuing fee and no fees for the use of the card for payment. Cash withdrawals at Pick n Pay and Boxer till points are free, whereas it costs R8 at any automated teller machine and R2 at other major retailers. Cash deposits at Pick n Pay and Boxer stores cost R4.

Meanwhile, TymeBank’s EveryDay transactional account comes with a unique and flexible savings tool called GoalSave. It allows customers to earn up to 10% interest a year on their savings after just three months, with no fees, restrictions or penalties.

Van Rensburg says TymeBank and Pick n Pay have extended the Smart Shopper loyalty programme to all TymeBank customers. TymeBank customers will be able to earn Smart Shopper points anywhere when they use their TymeBank card to make a purchase. This is a first for Smart Shopper customers.

“Customers can also earn double Smart Shopper points when they use their TymeBank Visa debit card to swipe and pay at any Pick n Pay till,” he concludes.

Edited by Zandile Mavuso
Creamer Media Senior Deputy Editor: Features

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