Pick n Pay’s Cross-Border Money Transfers Is Gaining Traction

The Pick n Pay store account, underwritten by RCS, provides responsible and low-cost credit to 100 000 customers.

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Pick n Pay | The Falls
Pick n Pay | The Falls (Photo Credit: Pick n Pay)

Pick n Pay, one of Africa’s largest grocery merchants, introduced cross-border money transfers this year and the service is gaining traction.

The retailer on Tuesday informed investors that its new cross-border money transfers service has attracted more than 40 000 customers in just 90 days.

The company also reported that customers are doing a greater level of banking in its stores, with cash withdrawals of R14 billion over the past six months, and money transfers up almost 30% year-on-year.

TymeDigital partnership

The retailer, which is valued at more than R billion, said it is looking forward to collaborating with its banking partner TymeDigital over the coming months to provide customers with greater access to convenient and low-cost banking services.

Pick n Pay is now the number one retailer selling prepaid electricity in South Africa, and the largest processer of third-party bill payments.

Pick n Pay store account

Hand holding mobile with Mobile banking word and features icon with blur office counter background,Digital Lifestyle concept.
Hand holding mobile with Mobile banking word and features icon with blur office counter background,Digital Lifestyle concept. (Photo Credit: www.shutterstock.com)

More than 100 000 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.

The Pick n Pay store account, underwritten by RCS, provides “responsible and low-cost credit”.

“Customer feedback confirms that customers are switching to the Pick n Pay card from other more expensive forms of credit, and many of our customers avoid all interest charges by paying off their accounts in full each month,” said the retailer.

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 Pick n Pay store account, underwritten by RCS, provides responsible and low-cost credit to 100 000 customers.

Pick n Pay said its s Smart Shopper programme provided greater value for customers.

Pick n Pay offered its Smart Shoppers R2.4 billion in personalised discounts over the last six months and saw the number of customer redemptions more than double.

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