SA’s first fully digital bank goes live next week
TymeBank says its account costs far less than those offered by the traditional players
TYMEBANK, South Africa’s first fully licensed digital bank, will go live in 500 Pick n Pay and Boxer stores next week in preparation for the formal launch later this month.
This follows a soft launch in December, when the bank went live in 20 Pick n Pay and Boxer stores. More than 50 000 people have opened a TymeBank account since then.
TymeBank offers a full-service bank account for less than half the cost of the nearest equivalent product from any of the traditional banks.
From next week, customers will be able to open a fully Fica-compliant bank account in more than 500 Pick n Pay and Boxer stores and be issued with a Visa debit card in under five minutes.
Pick n Pay deputy chief executive Richard van Rensburg said the company had, 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.
“The advent of a digital banking model is fundamentally changing the nature of banking across the world, and it’s nice to see South Africa at the forefront of this innovation.
“Digital banking is good news for customers and our economy, as banking services will become more accessible to everyone.”
The features of the TymeBank account include:
◆ TymeBank kiosks in Pick n Pay and Boxer stores are equipped with highly secure technology using realtime biometric recognition. This means a customer doesn’t need an identity document or any other paperwork to open an account. It takes under five minutes, and they will immediately be issued with a personalised, activated Visa debit card that can be used at any Visa merchant in the country
◆ 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. They cost R8 at any ATM and R2 at other major retailers, and the card can be used at any Visa merchant. Cash deposits at Pick n Pay and Boxer stores cost R4.
◆ TymeBank’s EveryDay transactional account comes with a unique and flexible savings tool called GoalSave. It allows customers to earn interest of up to 10 percent a year on their savings after three months, with no fees, restrictions or penalties.
◆ 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. 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.