Pick n Pay in new cash transfer option
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