Fin24

Pick n Pay in new cash transfer option

2012-01-18 12:31

Johannesburg - Pick n Pay Stores [JSE:PIK] on Wednesday said it has entered into a partnership with BankservAfrica that will allow customers to transfer money without the need for a bank account.

The company said the transfer was 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 recipients 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.

Martin Grunewald, CEO for the BankservAfrica BPO division, said the money transfer system has shown a 20% month-on-month growth since inception in October.

"The 2011 festive season was the first real indicator of the value the money transfer system can bring, not only to the man in the street but to retailers as well," he said.

The money transfer system takes into account all FICA's legal requirements for money transfers.

The cheapest money transfer option on the South African market, the service is backed by Capitec Bank Holdings [JSE:CPI], a registered financial services provider.