Major SA retailer launches money transfer service at ‘most competitive fee’
A major South African retailer has launched its store-to-store domestic money transfer service ‘at the most competitive price’.
Pick n Pay has introduced its store-to-store domestic money transfer service, which will be interoperable across over 1 400 outlets.
This network covers all Pick n Pay supermarkets, Clothing stores, and Boxer stores in South Africa.
The Pick n Pay Money Transfer service has a single registration process, and focuses on simplicity for users. Customers must register with their identity document and can access the service in any store.
Following each transaction, senders receive a PIN via SMS. This is then shared with the receiver, who can promptly access the funds at any affiliated store, whether Pick n Pay, Clothing, or Boxer.
Money transfer fees and limits
The fees and limits on the Pick n Pay Transfer service are as follows:
- Minimum transfer amount: R50
- Daily limit: R3 000
- Monthly limit: R25 000
- Transaction fee: Flat fee of R8 applies to senders, regardless of the amount transferred.
Given the high demand for money transfer services in South Africa, the competition is high and continually evolving. The services include offerings from banks, retailers, mobile network operators, and emerging platforms like PayShap.
‘The most competitive price in the market’
Store-to-store money transfers are a secure way to bridge gaps for those without access to traditional banking or digital infrastructure.
“This will provide a secure and convenient avenue for transferring money in South Africa, all at the most competitive price in the market,” Deven Moodley, the executive of Value Added Services at Pick n Pay, told BizCommunity.
Moodley emphasised how the service leverages an 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,” he said.
Store-to-store money transfer services address various financial needs. These include remittances, bill payments and access to emergency funds.
These services are particularly beneficial for day workers who rely on cash payments, and need safe avenues for managing their finances.
Pick n Pay’s Money Transfer service will be facilitated by the retailer’s long-standing banking partner, Absa.
Chris Wood, the managing executive for Product at Absa Relationship Banking, commented on the growing market for store-to-store money transfer services. He, too, has highlighted the importance of accessible and affordable financial solutions.
“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,” he added.