Pay Me is a new feature in Capitec’s banking app that allows clients to receive fast payments from other users.
The function employs QR code scanning in the Capitec app to allow you to send and receive payments for free.
You can’t utilize the payment feature to receive payments from other banks because it only works between bank customers.
You may use the feature to create a personalised QR code that the other person can scan with their smartphone to transfer a payment through.
The bank discusses a few scenarios in which the capability could be useful.
In a statement, Francois Viviers, Group Executive of Marketing at Capitec, stated, “Having cash is both costly and dangerous. We’re giving our clients, who come from all walks of life, an easier and safer method to pay.”
“You won’t need currency to pay for little items at unofficial vendors, tip car guards, or use cash for ice cream at the beach.” It’s also a simple way to send money to family or friends, as well as share a restaurant tab.”
The company unveiled the tool last week without any fanfare, and it’s already been used by over 2.5 million people.
Features of Capitec App’s Pay Me QR Code
The Capitec app will provide you with your unique QR code. A printed version, given in a plastic pouch with a lanyard, is also available at a Capitec branch, according to the bank.
Simply select the “Scan to pay” option in your Capitec banking app to make a payment.
To authenticate the payment, you’ll need to use your app’s PIN or biometrics.
Select Transact and then Pay Me when creating your QR code in the app. My QR and Custom QR are the two options available.
My QR generates your typical personal QR code, but without the amount you specify.
The amount is also deposited into your primary savings account.
Conversely, Custom QR displays the amount you’ve specified that the recipient of the money should pay. This is beneficial to entrepreneurs. You can also pick which account the money should go into using the personalized QR code.
The money is then sent through by scanning the QR code by the other Capitec client.
The bank claims that the transaction is completed immediately.
