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News: Shoprite recently launched – Money Market accounts

News: Shoprite recently launched – Money Market accounts

Shoprite recently launched Money Market accounts, which allow users to receive and send money, and also pay bills and buy airtime and data, Business Insider reported.

The accounts don’t charge monthly fees, load fees or transaction fees and to open it, you don’t have to be Fica’ed.

No debit orders are allowed to be deducted from the accounts which Shoprite is selling as a virtue. “Customers are in full control of their money,” the company says.

You can send and receive money from the accounts and pay utility bills, buy airtime and data. The accounts can be used to make payments for any transactions in a Shoprite, Checkers or Usave store.

Shoprite wants businesses to use the Money Market accounts for salary payments, which can also include bulk payments of grocery vouchers. Recipients only need a cell phone to access their funds.

Shoprite will stick to basic transactional banking that incurs no monthly, deposit or transaction fees. The ability to access the Money Market accounts either via the new Shoprite app or USSD will also allow many of the services available at Shoprite’s in-store Money Market counters – such as paying utility bills, traffic fines and buying airtime or data to be accessible via mobile phone.

The service is particularly suitable for small to medium-sized businesses, NGOs, farmers and other entities whose wage payments often incorporate a mix of cash payments and food parcels.

Future plans include expanding online shopping capabilities beyond the Shoprite group of stores which include the likes of Computicket, MediRite Pharmacy, Checkers, OK Furniture and House & Home.

Business Insider 




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