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Pick n Pay in new cash transfer option

Jan 18 2012 12:31 I-Net Bridge

Company Data

CAPITEC BANK HOLDINGS LIMITED [JSE:CPI]

Last traded 502
Change 6
% Change 1
Cumulative volume 343875
Market cap 0

Last Updated: 30-03-2015 at 04:18. Prices are delayed by 15 minutes. Source: McGregor BFA

PICK N PAY STORES LIMITED [JSE:PIK]

Last traded 51
Change 1
% Change 2
Cumulative volume 855172
Market cap 0

Last Updated: 30-03-2015 at 04:16. Prices are delayed by 15 minutes. Source: McGregor BFA

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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.

 
pick n pay stores

 
 
 

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Company Snapshot

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SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 

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