More than 300 000 people in South Africa are now transfering money without the need for a bank account through Pick n Pay, a sign that the service is becoming popular with shoppers who prefer seamlessly mobile money services.
Pick n Pay, which is the largest online grocery business in Africa, disclosed the figures on Thursday as part of its financial results for the 52 Weeks ended 25 February 2018.
The retailer said during the year, its money transfer service attracted over 300 000 new customer registrations.
The service enables real time, digital customer validation at an in-store kiosk, allowing customers to send money transfers from any till point once they are registered.
Pick n Pay now has 160 money counters across the country.
The money transfer customers can register with Pick n Pay or Boxer stores.
The system allows for the secure transfer of cash between two individuals, both of whom must be in possession of a valid South African identity document, without the need of a bank account.
The funds are instantly available, which means that once the money is transferred from any store, it will immediately be available for withdrawal by the recipient at his or her chosen group store.