Pick n Pay launches new money transfer service

 ·8 Apr 2024

Pick n Pay has launched a new money transfer service which will allow customers to send money from one store to another across its network of 1,400 locations.

According to the group, the service – called Pick n Pay Money Transfer – operates domestically, costing R8.00 per transaction.

The minimum allowed to be sent is R50, with a maximum of R3,000 per transaction and a monthly limit of R25,000.

“This service will be interoperable across all Pick n Pay supermarkets, Clothing stores, and Boxer stores in South Africa, spanning a network of over 1,400 outlets,” it said,

The service has a single registration process, where a customer signs up with their valid ID document at any store.

After each transaction, senders receive a PIN via SMS to share with the receiver, who can immediately access the funds at any affiliated store, be it Pick n Pay, Clothing, or Boxer.

The flat transaction fee of R8.00 applies to senders, regardless of the amount transferred.

The service will be facilitated by Absa.

“Due to the strong demand for money transfer services among South Africans, the landscape is fiercely competitive and rapidly evolving, encompassing offerings from banks, retailers, Mobile Network Operators (MNOs), and emerging platforms like PayShap,” Pick n Pay said.

The retail group said that the service will assist South Africans with a host of money needs, from remittances to bill payments and emergency funds access.

Read: The cheapest bank accounts for the middle class in South Africa

Show comments
Subscribe to our daily newsletter