Tyme Bank goes live in more than 500 stores

DIGITAL bank, TymeBank, is set to go live in more than 500 Pick n Pay and Boxer stores next week in preparation for the formal launch later this month, following a successful soft launch in December when it went live in 20 Pick n Pay and Boxer Stores.

TymeBank said more than 50 000 customers has already opened TymeBank accounts since the soft launch.

TymeBank is one of three digital banks that was issued with a banking licence by the South African Reserve Bank in 2017, including Discovery Bank and Bank Zero, which was founded by former First National Bank chief executive Michael Jordaan and banking innovator Yatin Narsai.

TymeBank is wholly-owned by billionaire Patrice Motsepe’s African Rainbow Capital.

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 is 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,” Van Rensburg said.

TymeBank said that it offered customers 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 financial intelligence centre act 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. No documentation is required,” TymeBank said.

TymeBank kiosks in Pick n Pay and Boxer stores were equipped with highly secure technology using realtime biometric recognition.

“This means a customer does not 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,” the bank said.

Its advantages are that 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 and it costs 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 are R4,” the bank added.