INFOTECH: Pick n Pay Make Money Transfer Easy
Recent Western Cape Business News
Cape Town-based Pick n Pay has entered into a partnership with BankservAfrica, South Africa’s largest automated clearing house, to enable customers to transfer money between two individuals in possession of a South African ID, without the need for a bank account.
Martin Grunewald, CEO for the BankservAfrica BPO division explains the 2011 festive season was the first real indicator of the value the money transfer system (MTS) can bring not only to the man-in-the-street, but to retailers as well. “MTS has shown a 20% month-on-month growth since inception in October 2012.”
Currently a shopper can walk into one of over 550 Pick n Pay and Boxer Superstores nationwide and complete a money transfer. No bank account is needed, enabling more South Africans to safely transfer money to family and friends anywhere in South Africa and for employers to easily pay year-end bonuses to household employees.
“The money transfer system is easy to understand and takes into account all FICA’s legal requirements for money transfers. Furthermore the system’s functionally caters for all front-end devices such as mobiles, integrated point-of sales, stand-alone point-of sales and computers, making integration and interoperability hassle free.”
The transfer is immediate as a person deposits cash at any Pick n Pay or Boxer Superstore and the cash is immediately available for collection by the recipient from any Pick n Pay or Boxer outlet. A system generated PIN ensures the safety of the transfer, with the recipient having to show both the PIN and the system generated reference number – along with their South African identification – to collect the cash from a Pick n Pay or Boxer Superstore in their area.
The cheapest money transfer option on the South African market, the service is backed by Capitec bank, a registered financial advisor.
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