Vodacom, South Africa’s major mobile network operator, has begun a deliberate expansion of its digital banking services through its VodaPay app. This game-changing advancement in mobile banking allows users to make deposits and transfers, thereby establishing the VodaPay app as a full-fledged digital bank.
The company emphasised that these ground-breaking services are available to both banked and unbanked people, with the goal of democratising access to financial services. Vodacom ensures that users may readily retrieve cash whenever they need it by collaborating with a varied selection of businesses and service providers.
The deposit feature of the VodaPay app allows users to deposit monies into their digital wallets without incurring any fees. This service is available in Vodacom stores as well as a number of reputable national retailers, including:
- PEP
- Makro
- Pick n Pay
- Pick n Pay Express
- Boxer
- Cambridge Food
- Game
- Ackermans
- Builders Warehouse
- Rhino Cash ‘n Carry
Vodacom has facilitated deposit services at the nearest Spaza shops through Kazang merchants in an innovative bid to increase its penetration into the local economy.
VodaPay Wallet funds are adaptable and can be used for a variety of transactions. Customers can buy products, make online payments using VodaPay, and purchase electricity, airtime, and data. They can also pay their invoices without incurring any additional fees.
Customers in need of cash can use the ‘Send Money’ service, which allows quick access to funds for a small cost. Simply log into the VodaPay app, select the ‘Send Money’ feature, choose a cash-out partner, and enter the required transfer amount. Following this transaction, the beneficiary can get the cash from the designated cash-out location.
VodaPay cash-out affiliates include:
- Pick n Pay
- Cash Express ATMs
- Kazang
- Various OTT agents
There is no limit to the amount of money that can be moved via VodaPay, however the corporation has said that particular costs will apply. For example, store withdrawals are charged R8 plus 1% of the withdrawn amount, while ATM withdrawals are charged R8 plus 2% of the withdrawn amount.
Notably, VodaPay is compatible with all South African mobile networks and accepts debit and credit card purchases.
“As we continue to champion digital innovation to meet our customers’ changing needs,” said Vodacom, “we anticipate integrating more offerings into VodaPay in the near future.”
