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Shoprite says its new transactional money market account will allow public and private sector companies and institutions to make secure bulk mobile payments to thousands of people, without incurring massive bank charges.
The group launched the updated account in August and ultimately plans to offer the transactional capabilities of full banking. bill.
Shoprite said customers can use the account to access many of the services available at their in-store money market counters.
This includes services such as:
- Pay utility bills;
- Purchase of airtime and data;
- Make use of Savings Stamps;
- Send and receive money;
- Purchase of bus tickets;
- Playing the lottery.
Rather than waiting in long lines to withdraw cash from an ATM, customers can also use their money market accounts to pay for transactions at any Shoprite, Checkers or Usave store.
The latest feature added to the account is for businesses of any size to use the Shoprite Money Market account to process bulk payments to any number of recipients – that they only need a cell phone to access their funds, he said.
“The free digital account, which is safer, more efficient and cheaper than bank accounts, can be used by companies, government entities, NGOs and charities to pay anyone, whether they are South African citizens or foreigners, easily and safe.
“Bulk payments, which include rewards, incentives and grocery vouchers, can be sent to recipients who only need a cell phone, even without internet access, to access their funds. This includes grant recipients, most of whom shop at Shoprite Group supermarkets. “
The Money Market account is available in the new Shoprite or USSD app. Shoprite said there are no forms, monthly fees, loading fees, and transaction fees. Anyone can open an account and clients are in full control of their money as debit orders cannot be placed.
“It is well documented that money market accounts have become increasingly relevant to South African companies, government institutions and NGOs, as they facilitate payments in a secure, efficient and low-cost way,” said Jean Olivier, General Manager of Services Shoprite Group Financiers.
Olivier said that the rapid growth in mobile money adoption has been driven by Covid-19, which has made people increasingly reluctant to use cash.
The pandemic has also highlighted the need for government institutions, businesses and NGOs to receive aid and wage payments as quickly and efficiently as possible, especially in light of the challenges of issuing the aid grant. R350 Covid to beneficiaries and companies that want to obtain funds for their workers during the lockdown, he said.
“We understand that the South African Social Security Agency pays R20 for each beneficiary, whereas EFTs typically cost R7 per transaction. These charges do not apply to money market transactions. The savings are significant. “
To sign up for the account, Shoprite said customers can download the new Shoprite app from the App Store or Google Play Store, or dial * 120 * 3534 # and enter their first name, last name, ID or passport number and choose a pin from five digits. .
He added that loading cash into the account will be free.
Customers can go to a Shoprite, Checkers or Usave store, select “Refill Account” on their phone, hand cash to the ATM, and enter the eight-digit token displayed on their phone into the card machine. Balances will be updated immediately.
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