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Salary advance payment platform Paymenow has announced its app users can now purchase items and redeem funds directly from Shoprite outlets.
The Stellenbosch fintech company announced the news on 20 May.
The partnership with Shoprite forms part of the company’s aim to offer access to necessities such as food without accumulating debt.
“Ever since founding Paymenow, we have always wanted to allow employees the ability to stretch the little bit that they have that much further,” Paymenow business development head Bryan Habana said in a statement.
Using the Paymenow app at Shoprite and Checkers
Launched in March, Paymenow offers direct access to employees’ earned wages. The app does not charge fees when employees cash out advances and lets users buy prepaid electricity and airtime from major network providers.
The company also offers financial education training for employees.
Employees on the Paymenow app can now directly fund a Shoprite Money Market Account. The account works as a virtual wallet that can be redeemed at Shoprite, Checkers, and uSave stores.
The app also lets employees send grocery vouchers to friends and family.
The Grocery Wallet can be accessed in the app’s Buy/Prepaid options.
Since it launched, 15% of all transactions on the service have been for airtime, data, and electricity purchases.
Going forward, the app will launch a similar partnership with Pick n Pay and Boxer stores. Employees will be able to redeem funds at these outlets nationwide.
In addition, the company is working on other value-added services to add to the app.
“With real inflation seemingly much higher than the official 3.2%, we want to help as many South Africans as possible stretch their rand when it comes to life’s necessities,” Habana said.
You can find out more about the app on the Paymenow website.
Feature image: Paymenow