Shoprite’s secret bank with no branch, fast becoming primary banking solution

Shoprite Money Market Account is an intere bank with no branch, fast becoming primary banking solution

Shoprite Group has launched a mobile bank linked to its Xtra savings rewards cards available through Shoprite and Checkers.

Yes you read right, a mobile bank, with no branches.

The franchise will use their nationwide store’s as branches and we think this might just be brilliant.

Here’s what we know

Customers holding the rewards cards will be eligible to access the mobile banking features.

If you have a Money Market Account, you will now be able to enable banking on your Checkers existing card.

Before, card holders were only able to deposit funds and pay utility bills.

Now Shoprite has partnered with Grindrod Bank to allow transactional capabilities to the account.

What does this mean?

This means you can now have a transactional account with no monthly fees and no debit orders.

Users will only pay R5 to withdraw cash.

Users will be able to deposit and withdraw cash at tills nationwide.

Users will be able to have their salaries or SASSA payments sent straight into the Shoprite Money Market Account.

With a pin-protected card, users can access cash, pay utility bills, buy data, electricity and send money from their phones with no transaction fees.

Customers can now pay instore with their phone or Xtra Savings card.

How to get your salary or SASSA grant paid into your account

1.Register or login into your account

2.Get your bank confirmation letter

3.Take your printed bank confirmation letter with completed SASSA switch form, available at any Shoprite or SASSA office, and your ID to your nearest SASSA office.

To switch your salary banking details.

1. Send your bank confirmation letter to your HR or payroll department

With the Money Market Account you can deposit and withdraw cash at any till at a Checkers, Usave, Checkers Hyper, Knect Shoprite and Shoprite.

Customer’s can deposit cash up to R5000 for free but there’s a R 5000 daily withdrawal limit.

Here’s the catch

Your cash balance may not exceed R 25 000 at any time.

How to pay instore using your Money Market Account?

You can swipe your Xtra savings card or pay with your mobile phone

To use Xtra savings card, simply swipe your card to pay as you would any bank card.

Type your security PIN into the keypad and done.

To pay with your phone

Open your Shoprite app, select pay in-store.

Follow the prompts and you’re done.

Send someone money using Money Market Account

Note: Recipient must also have a registered Money Market Account

Open the app, select pay someone.

Choose cash wallet

Follow prompts and payment will be sent straight into their Money Market Account via cash wallet.

You can also send vouchers

You can also send vouchers straight from your phone for free. You can also send to a recipient who does not have a Money Market Account.

The recipient will receive an SMS informing them that there has been a transaction in their favour.

Note: This may prompt others to register a Money Market Account using their cellphone number to claim the funds.

The move to expand the Money Market Account to act as a transactional account is a move in the right direction for the group.

It seems the group plans on coming into the market to become the primary banking solution for their customers.

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Featured image: Stock image