Capitec Pay Me is one of the innovative products that Capitec Bank is introducing to expand its digital services, and this service allows customers to create a unique QR code on the bank’s app and receive payments from other Capitec customers instantly and securely.
Sending and receiving payments is free, promoting client affordability. Having approximately 9 million digital banking customers and a cumulative of 16 million customers, “Carrying cash is costly and dangerous,” said Francois Viviers, marketing executive at Capitec Group.
Capitec Bank is making it easier and safer to pay for our clients, who come from all walks of life. You won’t need cash to pay for little items from street vendors, tip vehicle guards, or tip the ice cream vendor. This is also a simple method to send money to family or friends, as well as share an outing bill.
After discreetly debuting their app last week, Capitec has already seen over 2.5 million people activate their unique QR code.
Clients may use the Capitec’s banking app to activate and access their unique Pay Me QR code, or they can simply to their nearest branch to receive a printed QR code version that comes in a plastic pouch with a lanyard.
When paying someone, the individual who is being paid presents their QR code, and the other person just selects ‘scan to pay.’ The transaction is secured by using your app pin or biometrics to verify it. No need to input account or mobile phone information, thus cuts time and avoids mistakes.
Capitec Bank is continually breaking banking standards. They wondered why traditional banks charged roughly R50 for quick payments a few years ago.
The bank originally reduced their price to R10, and have now managed to cut it to R7.50. In South Africa, its consumers currently account for almost 30% of all instant payments.
The Pay Me service would decrease South Africa’s demand for cash since Capitec Bank makes instant payments inexpensive and available to all South Africans.
Pay Me allows consumers to keep track of their spending, according to Capitec and their track money function on Capitec’s app keeps track of transactions.
Pay Me works in three simple steps:
1. On the banking app, go to Transact and select ‘Pay Me’ to receive a payment or ‘Scan to Pay’ to make a payment. Each of these options can be saved to your home screen’s favorites.
2. When you select ‘Pay Me,’ you will be given the following options:
– ‘My QR,’ this is a one-of-a-kind QR code for you. (There is no stated amount, and the payment will be paid to your principal savings account) or
– ‘Custom QR’, which is generated based on the amount you provide; you specify the amount of money to be paid by the other person and the account into which it should be deposited.
3. Give your ‘Pay Me’ QR code to another Capitec customer, who will tap ‘Scan to Pay’ and place the phone over the QR code’s screen. The money transfer was handled in an instant.
