06 July 2023
Vodacom’s super-app VodaPay has added a free cash deposit service to expand its reach to unbanked users in South Africa.
Vodacom Financial and Digital Lifestyle Services CEO Mariam Cassim said the new cash deposit and send mone” services support the operator’s intention to accelerate digital and financial inclusion in the country for both banked and unbanked users.
“By building broader, more convenient offerings onto VodaPay, such as deposit and cash-out networks, we aim to enable more people to use and benefit from digital financial services,” said Cassim.
Until now, the super-app’s payment services have only been available to those with bank accounts but the new cash services expand the reach to the unbanked. VodaPay’s deposit money function makes it possible for users to add cash for free into their VodaPay Wallet through Vodacom stores and selected national retailers such as Pick n Pay and Pick n Pay Express, Boxer, PEP, Ackermans, Makro, Rhino Cash ‘n Carry, Game, Builders Warehouse and Cambridge Food. Customers can also deposit money to their VodaPay Wallet at local spaza shops through Kazang merchants.
With cash loaded in their VodaPay Wallets, customers can buy products or make payments online with VodaPay as well as earn rewards.
Customers can use the money in their VodaPay Wallets to buy electricity, airtime and data, as well as to pay bills without incurring extra charges. The digital wallet also offers a secure way for users to store their money as it eliminates the need to carry cash.
“While digital payments are growing in South Africa, we understand that cash is still an important part of many of our customers’ daily financial transactions,” said Cassim.
“We have also chosen specific partner channels that make the service even easier and simpler to use.”
Vodacom’s financial services offering is the fastest growing contributor to the group’s suite of new services. In its quarterly trading update for the three months that ended 31 December 2022, the financial services division’s quarterly revenue increased 30.6% YoY to R2.6 billion. The VodaPay super-app’s downloads also reached 4.5 million, with 2.7 million registered users.
