Shoprite has launched a free transactional account called Money Market Account, to give customers more ways to save, send or spend their money. Photo: Supplied
Shoprite has launched a free transactional account called Money Market Account, to give customers more ways to save, send or spend their money. Photo: Supplied

Shoprite launches Money Market Account to allow customers to do multiple transactions

By Dhivana Rajgopaul Time of article published Aug 14, 2020

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DURBAN - Shoprite has launched a free transactional account called Money Market Account, to give customers more ways to save, send or spend their money.

The retailer launched the Money Market Account this week.

The Money Market Account is available on the new Shoprite app or USSD and its main benefits include:

1. No monthly fees, no load fees, no transaction fees.

2. No debit orders - customers are in full control of their money.

3. No forms, no fees, no FICA - anyone can open an account.

With a Money Market Account in their pockets, customers can now access many of the services available at the in-store Money Market counters, such sending and receiving money.

The Money Market Account will also allow customers to transact online. They will also soon be able to use their Money Market Account on other websites, making e-commerce more accessible to everyone.

“Money Market is a brand that our customers have come to love and trust over the years. We are extending its services to help our customers to transact securely and to save, as we are acutely aware of the importance of saving at this time,” said Jean Olivier, General Manager: Financial Services for the Shoprite Group.

Businesses of any size can also use the Money Market Account to process bulk payments, including rewards, incentives and grocery vouchers. Recipients only need a cell phone to access their funds.

The Money Market Account, which replaces the basic Shoprite Money product launched in May 2018, will grow to have most of the transactional capabilities of a full banking account.

Customers can use their Money Market Accounts to pay for transactions in any Shoprite, Checkers or Usave store.

Many customers are familiar with and use Shoprite’s Savings Stamps, and although the physical stamps will continue to be available in stores, they are now also available virtually via the Money Market Account.

Customers can register for a Shoprite Money Account free-of-charge in under 60 seconds.

BUSINESS REPORT ONLINE

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