Vodacom launches new digital banking services
Mobile operator Vodacom has added two new banking services to its VodaPay app, now allowing users to deposit and send money, serving as a digital banking account.
The group said that both banked and unbanked customers can use the services, with the operator partnering with retailers and other service channels to give access to cash withdrawals when needed.
The deposit service allows users to add cash for free into their VodaPay Wallets through Vodacom stores and selected national retailers such as:
- Pick n Pay
- Pick n Pay Express
- Boxer
- PEP
- Ackermans
- Makro
- Rhino Cash ‘n Carry
- Game
- Builders Warehouse
- Cambridge Food
Customers can also deposit money to their VodaPay Wallet at their nearest Spaza shop through Kazang merchants, the group said.
Cash loaded into VodaPay Wallets can be used to buy products or make payments online with VodaPay. Customers can also use the money in their VodaPay Wallets to buy electricity, airtime and data, as well as to pay bills without incurring extra charges.
To get money out, the Send Money service will allow customers to gain access to funds, at a cost.
To use the Send Money service, the sender needs to log into VodaPay, select the Send Money option, choose a cash-out partner and specify the amount they wish to send to the receiver.
Once the money has been sent, the receiver can withdraw the physical cash from the chosen cash-out outlet.
VodaPay cash-out partners include:
- Pick n Pay
- Kazang
- Cash Express ATMs
- Other OTT agents
Vodacom said there is no limit to the amount of cash that may be sent, but fees apply.
- For withdrawals at retailers, the transaction is charged at R8 plus 1% for money withdrawn (eg, R13 for a R500 withdrawal)
- For withdrawals at ATMs, the transaction is charged at R8 plus 2% for money withdrawn (eg, R18 for a R500 withdrawal)
VodaPay is available to customers across all mobile networks in South Africa, and users can use their debit or credit cards to transact on the app.
“As we continue to innovate and seek digital solutions for our customers, we look forward to bringing even more offerings to VodaPay as the year continues,” Vodacom said.
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