More than 56 000 South African are relying on Pick n Pay as their source of credit, enabling them as shoppers to open a store account to buy groceries and other goods on credit.
When the service was launched last September Pick n Pay came under fire for offering customers credit. For more read: Why the fury over store accounts? Pick n Pay boss asks
The retailer announced on Thursday that since the launch in September, 56 000 store account holders have been approved.
The company added that just over R1 billion total credit has been granted to shoppers.
Pick n Pay launched its Pick n Pay Store account, in partnership with RCS, a local subsidiary of BnP Paribus Bank.
The retailers argues that its account “offers the most affordable form of credit” in the market, with a 55 days free credit payment option, no joining fee, no hidden administration fees and the lowest monthly fee in the market.
The account is accessed through the customer’s Smart Shopper card, with the credit provider carrying all associated funding costs and credit risk.