Shoprite launches mobile money platform

Shoprite Money, is a mobile transactional banking service, not limited to those with existing bank accounts.
Shoprite Money will roll out to several other countries. Picture: Bloomberg

Retail giant Shoprite has partnered with Standard Bank, Google and global financial technology company Celbux to launch a mobile money platform for its customers.

The service, called Shoprite Money, is a mobile transactional banking service available to everyone, not only those with existing bank accounts, the retailer said in a statement on Wednesday.

“Using their Shoprite Money mobile wallet, this new service will allow customers to deposit, withdraw or send money as well as buy groceries at any of the till points in all Shoprite, Checkers, Checkers Hyper or Usave stores,” it said.

All transactions are free of charge, with the exception of a R9.95 fee that only applies to cash withdrawals. Customers can also send money and buy electricity or airtime using their mobile phones, provided they have funds in their Shoprite Money account.

Shoprite Money is available to users aged 18 years and older with a valid SA ID document, irrespective of their mobile network, device or connectivity, it said.

Users can register for an account free of charge by dialling *134*3534# or by visiting the Money Market counter in any of the stores.

“Basic transactional banking services in South Africa are expensive and in many cases still not accessible to a large number of South Africans,” said Shoprite group chief business officer Joseph Bronn in the statement. “We believe Shoprite Money will have a marked impact on economic activity in South Africa.”

Shoprite Money will be rolled out in several other countries in Africa over the next 12 to 18 months, offering cross-border remittance. 

This article was originally published on TechCentral here 

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Shoprite. Always ahead of its competitors.

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