Capitec, one of South Africa’s largest digital banks, is expanding its digital offering with the launch of Capitec Pay Me, a new solution enabling its clients to generate a personalised QR code on the bank’s app to receive payments immediately and securely from other Capitec clients.
With over 9 million digital banking clients, Capitec’s Francois Viviers, Group Executive of Marketing, explains how the solution will advance South Africa’s digital economy. “Carrying cash is expensive and unsafe. We’re giving our clients, who are from all different walks of life, a simpler and safer way to pay. You’ll no longer need cash to pay for small purchases at informal retailers, tip car guards or pay the person selling ice creams at the beach. It’s also an easy way transfer money to family or friends and to split the bill at a restaurant. We’ve already seen over 2.5 million clients activate their unique QR code after quietly launching it on our app last week.”
Clients can activate and access their unique Pay Me QR code on the bank’s app or visit a branch to get a printed version supplied in a plastic pouch with a lanyard. To pay someone the person receiving money shows their QR code, while the other person simply selects ‘scan to pay’. The payment is verified using your app pin or biometrics making it very secure. There is no need to enter account or cell phone details, saving time and preventing errors.
“Just as we’ve made immediate payments affordable and accessible to all South Africans, we believe Pay Me is going to reduce South Africa’s need for cash,” Viviers says.
Pay Me provides a way for clients to track their spending. Transactions are listed on the track money feature on Capitec’s app. While smaller transactions may not feel like big spending, they quickly add up. Pay Me can show where even small amounts go each month.
“We don’t believe in innovation for innovation’s sake. Each new feature must put clients in better control of their financial lives,” Viviers concludes.
How Pay Me works in 3 simple steps:
- Open the Capitec banking app, tap Transact and choose ‘Pay Me’ (to receive a payment) or Scan to Pay (to make a payment). Both these options can also be added to your favourites on your home screen.
- When selecting ‘Pay Me’ you can choose
- ‘My QR’ which is your personal QR code. (No amount is specified, and the payment will automatically go into your main savings account) or
- ‘Custom QR’ which is created based on the amount you enter (you specify the amount to be paid by the other person and choose which account it should be paid into)
- Show your ‘Pay Me’ QR code to the other Capitec client who will tap ‘Scan to pay’ and hold the phone over the screen displaying the QR code. The transfer of funds it processed instantly.