Cash is king, except when many folks are still concerned about COVID-19 despite there being no evidence the virus is transferred via currency.
That having been said, we understand that exchanging cash means getting closer to a person and you want to be safe.
Unfortunately, many folks around South Africa still get paid wages in cash and for many of those folks, banks could be closed by the time they want to make a deposit.
This leaves people vulnerable to criminals.
Enter Efficacy Payments, a local fintech firm that has a clever way to enable deposits for people at till points.
The solution is called Deposit @ Till and following a successful rollout at Pick n Pay stores, the solution is headed to Boxer stores as well.
To make this possible, Efficacy Payments partnered with Transaction Junction, Visa, Mastercard and Bankserv Africa.
As you might imagine, the service works so long as your bank plays ball. There are currently 10 banks that support Deposit @ Till with more being added continuously.
Managing director of Efficacy Payments, Andrew Marsh, says that more retailers are being brought on board as well.
“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,” says 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,” adds the MD.[Image – CC 0 Pixabay]