SOUTH African retailer Shoprite has launched an instant electronic funds transfer (EFT) service that will allow customers to instantly send vouchers to another person.
According to the company, senders are only required to enter the recipient’s mobile number and the amount they wish to pay.
The retailer partnered with Ozow to develop the EFT system and created the service in response to the unrest in KwaZulu-Natal and Gauteng.
People can use Shoprite’s instant EFT service without having to visit a physical store and the service is free for the sender.
Jean Olivier, the Shoprite group’s general manager for financial services said: “This is another rapid response from Shoprite to a real problem facing citizens on the ground – and we’re pleased that it will remain as a key product in the growing suite of services offered by the Money Market Account. It goes to show how much we can achieve in a short amount of time when the circumstances require it.”
Ozow chief executive and co-founder Thomas Pays said: “With the increased demand for cashless and contactless services, developing innovative payment solutions to meet the real-world needs of consumers is essential. Our collaboration with Africa’s largest retailer helps us to achieve this, allowing more people to participate in the digital economy all while improving financial inclusion and access”.
To access the funds:
1. The recipient needs to have a Shoprite Money Market Account, available for free via the Shoprite app.
2. Dial this number: *120*3534#
3. WhatsApp this number: 087 240 5709.
The recipients of the vouchers can use the funds to buy electricity, airtime, data, purchase goods and services in-store via the Money Market Account, or even send it on to someone else.
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