Pick n Pay launches new money transfer service across 1,400 locations

South African supermarket chain Pick n Pay has introduced a new domestic money transfer service, known as Pick n Pay Money Transfer. This innovative facility allows customers to conveniently transfer money from one Pick n Pay store to another across its extensive network of 1,400 stores throughout South Africa.

If a customer wishes to use the Pick n Pay money transfer service, there is a set cost of R8.00 per transaction. The service sets limitations on the amount of money that can be sent per transaction and per month. The minimum amount per transaction is set at R50, with a cap at R3,000. Furthermore, there is a maximum limit of R25,000 that a customer can send within a given month.

Registration for this service is a simple one-time process. A customer needs to sign up at any Pick n Pay store with a valid ID document. Once registered, the customer can freely initiate any transactions.

The service is not limited to supermarkets but extends across the entire Pick n Pay retail group which includes its clothing and Boxer stores. When the sender initiates a transaction, they receive a unique PIN via SMS. This PIN is to be shared with the intended receiver who can then access the transferred funds instantly at any affiliated Pick n Pay, clothing, or Boxer store.

Importantly, the transaction fee of R8.00 is flat. This means it remains consistent, regardless of the transferred amount. The entire service is facilitated by one of the largest banks in Africa, Absa.

Pick n Pay launched this service in response to the growing demand for money transfer services among South Africans. The landscape for such services is competitive and continuously evolving, with numerous offerings from banks, retailers, Mobile Network Operators (MNOs), and new platforms like PayShap.

Finally, Pick n Pay believes this facility will bring a significant benefit to South Africans. It will assist them in managing a variety of financial needs, from sending remittances and paying bills to accessing emergency funds.