TymeDigital, the Australian originated operation that recently secured a banking license in South Africa seems to have a head start in what promises to shake up the country’s banking industry. That is is a report from Pick n’ Pay is anything to go by.
Pick n’ Pay said its money transfer product which is run in partnership with TymeDigital had 200 000 customers registered either with Pick n Pay or Boxer.
South Africa’s second largest retailer, reported about its partnership with TymeDigital in its financial report for the six months ended August.
TymeDigital was recently awarded a banking licence by the South African Reserve Bank. A subsidiary of the Commonwealth Bank of Australia and coming with Patrice Motsepe 10% partnership, TymeDigital sets out to establish a new generation banking operation. It is almost a virtual bank, without bricks and mortar banking infrastructure of its own. It piggy backs on established networks like that of Pick n’ Pay.
Currently going through a pilot phase, TymeDigital is set to open trading doors next year and promises to shake up South Africa’s banking industry which has been dominated by a few players like Standard Bank, Absa, FNB, Nedbank. Insurance group Discovery has also secured a new banking license which might further facilitate change.
Pick n’ Pay said it will be working closely with TymeDigital to provide greater access to financial services for its customers. “This will support improved financial inclusion and offer better value to our customers in stores across South Africa.”
Pick n’ Pay is making big inroads into the financial services arena. It recently launched its Pick n Pay Store Account, a credit card of sort. “It gives qualifying Pick n Pay customers access to a responsible credit facility that offers up to 55 days interest-free, provided the customer’s balance is fully paid off monthly …”
“The account is accessed through the customer’s existing Smart Shopper card with the credit provider carrying all associated funding costs and credit risk.”
Pick n’ Pay is also marching into the online shopping space “responding to the growing customer demand for convenience.”
Pick n Pay Online was redesigned and relaunched with a new mobile-enabled website. This said Pick n Pay marks a further step towards “a fully multi-channel grocery business.”
“Pick n Pay’s online service enables customers to collect products ordered online in some stores as an alternative to having them delivered to their home or office. Visitors to the Pick n Pay Online website increased by 32% year-on-year.”