Pick n Pay has set a new standard in affordability and accessibility with its store-to-store Domestic Money Transfer service, priced at R8.00 per transaction. This stands as the most economical option for customers among retail stores.
Image sourced from Guzzle
Informal cash transactions are widespread in South Africa. This service will be available across all Pick n Pay supermarkets, clothing stores, and Boxer stores in South Africa, totaling over 1400 outlets.
The service is designed with simplicity in mind for customers, requiring a single registration process. Customers need only register once with their identity document when using the service in any store. After each transaction, senders receive a PIN via SMS to share with the receiver, who can promptly access the funds at any affiliated store, be it Pick n Pay, Clothing, or Boxer.
Affordable money transfer.
With a minimum transfer amount of R50.00, daily limits set at R3,000.00, and monthly limits at R25,000.00, the service caters to various financial needs. Notably, a flat transaction fee of R8.00 applies to senders, regardless of the amount transferred.
The demand for money transfer services among South Africans is strong, leading to fierce competition and rapid evolution in the landscape, including offerings from banks, retailers, Mobile Network Operators (MNOs), and emerging platforms like PayShap.
Store-to-store money transfer services play a pivotal role in this dynamic ecosystem. They facilitate secure and convenient transactions between individuals, typically across different locations, bridging gaps for those who lack access to traditional banking or digital infrastructure.
Deven Moodley, Executive for Value Added Services at Pick n Pay, highlights the transformative impact of their new Money Transfer service, stating, “This will provide a secure and convenient avenue for transferring money in South Africa, all at the most competitive price in the market. This service is designed to enhance convenience for our customers, leveraging our extensive network of store locations spanning three brands. By offering this simple and cost-effective solution, we aim to empower communities across South Africa, enabling seamless monetary transactions for all.” said Moodley.
From remittances to bill payments and emergency funds access, store-to-store money transfer services address various financial needs, especially for day workers who rely on cash payments and seek safe channels for financial management.
Absa bank will facilitate Pick n Pay’s Money Transfer service. The retailer has a five-decade partnership with Absa to meet the evolving needs of South African consumers.
Chris Wood, Managing Executive for Product at Absa Relationship Banking says, “The market for store-to-store money transfer services in South Africa is experiencing steady growth, driven by the rising demand for accessible and affordable financial solutions,”
“We have a responsibility to enable digital and non-digital access to consumers through value-added products and services to promote wider, convenient access to financial services. Through the integration of digital payment systems that are widely accepted throughout all communities and providing accessible cash withdrawal points, we hope to contribute to creating a more inclusive financial ecosystem.” said Wood.The post Retailer Introduces Premier Money Transfer Service first appeared on IT News Africa | Business Technology, Telecoms and Startup News.