Customers can now deposit cash directly onto their bank card at the till point in any Shoprite, Checkers or Usave store.
Together with other established in-store services like cash withdrawals, money transfers, and bill payments, this new functionality means shoppers can now perform the most basic banking tasks at all supermarkets within the Shoprite Group.
This move is similar to the one launched by Pick n Pay last year in partnerships with TymeBank.
The Shoprite Group said cash deposits at till points offer customers a range of benefits, including low transaction costs and unbeatable convenience.
The company has 1 700 Shoprite, Checkers and Usave supermarkets located throughout South Africa that will be able to process these transactions during their normal operating hours.
“As these stores are typically open outside of normal banking hours – and over weekends – they are significantly more convenient than traditional banking outlets,” said Shoprite.
Customers can deposit up to R3 000 at any Shoprite, Checkers or Usave till point – at a flat rate of just R19.95 per transaction.
South Africa banks are on board to accept deposits include Nedbank, FNB, Investec, Standard Bank, African Bank, Tymebank, Discovery Bank, Bidvest Bank, Sasfin and Grobank.
The service works much the same as it does at Pick n Pay. The shoppers simply need to present a Visa or MasterCard card at any till point, along with the cash they wish to deposit, and the teller will handle the transaction.
“Cash deposits at till point offer a new level of convenience and safety for our customers, many of whom earn their wages in cash, and live in rural or remote areas without easy access to ATMs,” says Jean Olivier, General Manager: Financial Services for the Shoprite Group.
“Together with a range of in-store Money Market services, this new functionality means we’re now able to process an even greater number of financial transactions, making our supermarkets a real one-stop shop.”
Shoprite has fired the starting gun on its expansion in South Africa, joining the fast-growing digital banking market where new players are signing up thousands of customers.
Africa’s largest food retailer has launched its new Money Market Account, a free transactional account to give customers more ways to save, send or spend their money.
Shoprite operates more than 2,934 outlets in 15 countries across Africa and the Indian Ocean Islands.
The retailer is likely to compete with new digital banks such as TymeBank, Discovery Bank and South Africa’s big 5 banks – ABSA, FNB, Standard Bank, Nedbank and Capitec – the moment it fully launches a full banking account.
Today, Shoprite disclosed its plans to transition the new Money Market Account into a full banking account in the future.
The Money Market Account, which replaces the basic Shoprite Money product launched in May 2018, will grow to have most of the transactional capabilities of a full banking account, the retailer said.
It added that instead of having to stand in long queues to withdraw cash from an ATM, customers can use their Money Market Accounts to pay for transactions in any Shoprite, Checkers or Usave store.