Shoprite Money Market launches instant EFTs

Shoprite has announced that users of its Money Market Account can receive instant electronic funds transfers (EFTs).

According to the company, this makes it the first retailer in South Africa to launch an EFT service.

With the service, customers can send funds to someone using their mobile number. The service has been developed in partnership with local fintech Ozow.

How Shoprite Money Market EFTs work

To receive EFT funds, the recipient needs a Money Market Account. This account is accessible via the Shoprite app, but can also be accessed using USSD codes for feature phones or WhatsApp.

The user can then purchase electricity, airtime, data, and products in-store using the funds in their account. They are also able to transfer funds to other Money Market users.

“The EFT service enables customers to instantly send vouchers to another person in just three simple steps. Senders only need to enter the recipient’s mobile number and the amount they wish to pay,” the company said in a statement.

“There is no need to download an app in order to transfer funds.”

The new service also means that users can send vouchers without needing to visit a Shoprite store.

Money Market Account funds can be used at Shoprite, Checkers, and Usave stores.

However, the Money Market website notes that vouchers, which act as currency within the service, cannot be withdrawn as cash.

To send money with an EFT, you can use the Money Market EFT website.

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Feature image: Shoprite