The new digital bank is adding between 3 000 to 4 000 new customers every day.

Although welcoming competition in the market, the incumbent banks are watching the new players closely.

New digital-only bank, Bank Zero, goes into beta testing, with plans to open in the second half of 2019.

The digital bank, which launched today, has signed up 80 000 customers and saw transactions worth R10 million in a day.

Customers will be able to open a TymeBank account across 500 Pick n Pay and Boxer stores from next week.

The digital bank wants to shake up SA's banking sector by opening hundreds of kiosks at Pick n Pay and Boxer stores.

Armed with low-cost operating models, three digital banks bet on aggressive pricing and data analytics to attract tech-savvy, price-conscious consumers.