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Shoprite’s Money Market Account brings cheap and secure bulk payment options to SA

Shoprite’s new transactional Money Market Account enables private and public sector businesses and institutions to make safe bulk mobile payments to thousands of people without incurring massive bank charges.

Businesses of any size can use the Shoprite Money Market Account to process bulk payments to any number of recipients who just need a cellphone to access their funds.

Shoprite’s new transactional Money Market Account enables private and public sector businesses and institutions to make safe bulk mobile payments to thousands of people without incurring massive bank charges.

The free digital account — which is safer, more efficient and cheaper than bank accounts — can be used by businesses, government entities, NGOs and charities to pay anybody, whether they are South African citizens or foreign nationals, easily and safely.

Bulk payments, including rewards, incentives and grocery vouchers, can be sent to recipients who only need a cellphone (even without internet access) to access their funds. This includes grant recipients, the majority of whom shop at Shoprite Group’s supermarkets.

The Money Market Account is available on the new Shoprite app or USSD. There are no forms, no monthly fees, no load fees and no transaction fees. Everyone can open an account, and customers are in full control of their money as debit orders cannot be made.

For businesses as well as government and non-governmental institutions, the account provides the safest and cheapest way to send funds to multiple beneficiaries.

“It is well documented that money market accounts have become increasingly relevant for South African businesses, government institutions and NGOs as they facilitate payments securely, efficiently and at low cost,” confirms Jean Olivier, general manager for financial services for the Shoprite Group.

The rapid growth in the adoption of mobile money has been spurred on by Covid-19, which has made people increasingly reluctant to use cash.

The pandemic has also highlighted the need for government institutions, businesses and NGOs to get relief and wage payments out as quickly and effectively as possible, especially in light of the challenges of issuing the R350 Covid-relief grant to beneficiaries, and of companies wanting to get funds to their workers during lockdown.

“We understand that the South African Social Security Agency (SASSA) pays R20 for each beneficiary, while EFTs typically cost R7 per transaction,” says Olivier. “These charges are not applicable on Money Market transactions. The savings are significant.”

“Transferring funds through Shoprite’s Money Market Account costs nothing, plus it is infinitely safer than making withdrawals at ATMs,” Olivier says.

The Money Market Account, which replaces the basic Shoprite Money product launched in May 2018, has most of the transactional capabilities of a full banking account except cash withdrawals (for now).

To register for a Shoprite Money Account free-of-charge in under 60 seconds, download the new Shoprite app from the App Store or Google Play Store or dial *120*3534#. Customers simply enter their name, surname, ID or passport number and choose a 5-digit pin.

Innovation in the consumer products space as 2020 Winners revealed

South Africa’s most innovative consumer products have been announced in the 2020 Product of the Year results. With research conducted by Answered Insights, Product of the Year is South Africa’s largest independent consumer-voted survey focused specifically on product innovation.

A pandemic did not stop Product of the Year research. A range of consumer households were surveyed across South Africa and winners emerged from categories including services, skin care, quick meals, cold beverages and many more.

Established over 30 years ago in France, Product of the Year currently operates in over 40 countries with an effort to guide consumers to the best products in their market and reward manufacturers for quality and innovation.

"Globally we are seeing consistent engagement from market leaders as well as challenger brands. South Africa is an emerging market and we are excited to see the growth of smaller brands entering the market," says Mike Nolan, CEO of Product of the Year management.

The 2020 winners are….

Category                                                                                  Winner
New Products: Services                                                            Standard Bank Simply Blu
New Products: Skin Care                                                          Olay Whips Skin Care
New Products: Baby Care                                                         Pampers Aqua Pure Wipes
New Products: Health                                                                Harvestime Salad Range
New Products: Hot Beverages                                                  Café Enrista All in One Instant Tea
Quick Meals                                                                              Sea Harvest Fish Fingers
Frozen Vegetables                                                                    McCain Frozen Vegetables
Beauty Restoration                                                                   Dove Even Tone Antiperspirant Deodorant
Sugar                                                                                         Huletts SunSweet Brown Sugar
Cold Beverages                                                                         PURA Soda
Baking                                                                                        Huletts Icing Sugar
Heritage: Services                                                                      Standard Bank Overdraft
Heritage: Skin Care                                                                    Dawn Female Lotions and Creams
Heritage: Hot Beverages                                                            Café Enrista 3-in-1 Coffee

Hello Paisa customers can now send international money transfers to 200 countries  

Hello Paisa, one of South Africa’s largest international money transfer providers, and Western Union, a global leader in cross-border, cross-currency money movement and payments, announced that they have joined forces to enable Hello Paisa customers to send global money transfers for payout at the global network of Western Union.

This partnership enables Hello Paisa customers to send money from South Africa to their family and loved ones for payout into billions of bank accounts in more than 100 countries, millions of wallets in a dozen countries or to Western Union’s retail network across 200 countries and territories.

This collaboration further delivers on Western Union’s strategy to open its platform to third-party partners to help them expand their global reach, meet customers’ evolving needs, and solve the complexities of cross-border, cross-currency money movement. Western Union’s open-platform strategy is underpinned by the company’s continued investment in key capabilities such as digital, expanding real-time account payout, compliance, and technology. “We have identified an opportunity for effective global collaboration to do our part in enhancing financial inclusion for migrants living in South Africa. Through this partnership, we have been able to expand our reach globally, sparing our customers the hassle to travel long distances to collect their money as we now leverage off Western Union’s vast network of retail agents, bank account and wallet payout capabilities,” said Sayjil Magan, managing director of Hello Paisa.

“We are in the business of solving pressing consumer problems through simple, innovative and tech-driven solutions. We are already servicing more than a million people through our existing network, and by expanding our payout network, we will be able to take money to more people where and when they need it most,” Magan said. 

“We are excited to collaborate with Hello Paisa, a company that shares our vision for inclusive innovation and financial inclusion in Africa. This service is an integration of our strengths as we continue to drive global connectivity by enabling national enterprises to scale their business offerings worldwide, leveraging our cross-border platform and global network,” said Mohamed Touhami El Ouazzani, the regional vice-president for Africa Western Union.    

“We are proud to see more and more local and regional fintech companies in Africa reap the benefits of our open-platform strategy and white-labelled digital capabilities to solve the complexities of cross-border, cross-currency money movement and enhance customer experience,’ El Ouazzani added

“Trust is a major factor when moving towards digital transactions, and customers can rest assured that their financial needs are in good hands with us,” said Magan.

To start sending money with Hello Paisa, customers need to either self-sign up on the Hello Paisa app, be signed up by a Hello Paisa agent or at the nearest Hello store. A valid South Africa ID, foreign passport with a permit or asylum permit, along with a proof of address, are required to sign up. Upon verification by Hello Paisa, an activation SMS will be sent to the customer to start transacting. 

Hello Paisa offers a "stage & pay" service to its customers. Customers would stage transactions on the Hello Paisa mobile app, via the call centre or at agent locations. Once staged, they will receive a confirmation with a reference number by SMS. Customers will then have to complete the transaction by making payment using the reference number at retail locations or via a bank transfer to select banks in South Africa. 

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