Capitec has launched a new feature in its banking app called Pay Me that allows customers to receive instant payments from other users.
The feature, which allows you to send and receive payments for free, uses QR code scanning in the Capitec app.
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However, the payment feature only works between bank customers — so you can’t use it to receive payments from other banks.
With the feature, you can generate a personalised QR code that the other person scans with their app to send through a payment.
The bank outlines a few use cases for the feature.
“Carrying cash is expensive and unsafe. We’re giving our clients, who are from all different walks of life, a simpler and safer way to pay,” Francois Viviers, Group Executive of Marketing at Capitec, said in a statement.
“You’ll no longer need cash to pay for small purchases at informal retailers, tip car guards or pay the person selling ice creams at the beach. It’s also an easy way to transfer money to family or friends and to split the bill at a restaurant.”
The bank launched the feature last week without widely announcing it, and has seen over 2.5 million customers already use it.
How to use the Capitec app Pay Me QR code feature
You can get your personalised QR code on the Capitec app. The bank also notes that you can get a printed version, supplied in a plastic pouch with a lanyard, at a Capitec branch.
To pay someone, you simply need to select the “Scan to pay” option in your Capitec banking app.
You will then need to use your app PIN or biometrics to verify the payment.
When generating your QR code in the app, select Transact and then Pay Me. There are two options to choose from: My QR and Custom QR.
My QR provides your usual personal QR code, with no amount specified by you. The payment also automatically goes into your main savings account.
Meanwhile, Custom QR provides an amount you’ve entered that the person sending money must pay. This is useful for business owners. The custom QR code also lets you choose which account the money should go into.
The other Capitec client then scans this QR code to send the payment through.
According to the bank, the transfer processes instantly.
Feature image: Capitec/Supplied