South Africa: Pick n Pay launches domestic money transfer service

Pick n Pay has introduced a convenient domestic money transfer service between its stores.

This service will seamlessly operate across all Pick n Pay supermarkets, Clothing stores, and Boxer stores, totaling over 1,400 locations nationwide.

The Pick n Pay Money Transfer service prioritizes simplicity for customers by implementing a unified registration process. Customers are only required to register once using their identity document, enabling access to the service at any affiliated store. Following each transaction, senders receive a secure PIN via SMS to facilitate immediate access to the funds by the receiver at any participating store, whether it’s Pick n Pay, Clothing, or Boxer.

With a minimum transfer amount set at R50 and daily limits capped at R3,000, along with monthly limits up to R25,000, the service accommodates diverse financial requirements. Notably, senders incur a flat transaction fee of R8, irrespective of the transferred amount, ensuring transparent and predictable costs for users.

The demand for money transfer services in South Africa is robust, leading to a highly competitive and rapidly changing landscape. This market encompasses a wide range of offerings from banks, retailers, Mobile Network Operators (MNOs), and emerging platforms such as PayShap.

Within this dynamic ecosystem, store-to-store money transfer services have emerged as a crucial component. These services facilitate secure and convenient transactions between individuals, often across disparate locations. They serve as vital bridges for individuals lacking access to conventional banking services or digital infrastructure.

Deven Moodley, executive of Value Added Services at Pick n Pay, emphasises 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.”

He adds, “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.”

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 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. “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,” said Chris Wood, managing executive for Product at Absa Relationship Banking.