MTN MoMo (Mobile Money) has revealed that its South African subscribers will now be able to cash-in and cash-out at Pick n Pay stores across the country, offering consumers a secure and cost-effective means of transacting that also alleviates the risks of managing cash.
“We’re pleased to extend our relationship with Pick n Pay by offering quick and convenient cash-in and cash-out services to our 2,8 million MoMo subscribers through Pick n Pay stores,” says Felix Kamenga, Chief Officer of Mobile Financial Services at MTN SA.
“Until now, MoMo customers have only able to cash-out through bank EFTs, at an MTN store or via a MoMo agent. Adding Pick n Pay to our offering will create greater convenience and accessibility for our customers – many of whom need to factor transport costs in when deciding to withdraw cash.”
Kamenga adds, “this burden results in more than 60% of the South African population withdrawing their entire salary from traditional banks on the day of payment to keep it with them, which is not ideal, and not safe”.
Unlike traditional bank accounts, MoMo has no monthly fees and no monthly charges although cash-out at Pick n Pay will be charged at a flat fee of R8.
“MoMo is ideal for those who would rather not withdraw cash from their accounts to pay for transactions that are quick and easy to do from their phone – this ranges from people who have not been part of the formal financial services world, to those looking for a convenient way to purchase luxury goods,” concludes Kamenga.