Shoprite Money Market offers its customers ways to conveniently transfer money, pay bills, top up prepaid packages, buy goods or services, buy tickets, make bookings, purchase gift cards, purchase savings stamps or even pay for insurance. Customers must have a Shoprite Money Market Account in order to use these financial services. They are accessed on the cellphone using the Shoprite App, WhatsApp number (087 240 5709) or by using the USSD code *120*3534#.
To aid in depositing and withdrawing funds, the money market has tills available at Shoprite, Checkers, Checkers hyper or Usave stores. Supermarkets that are owned by Shoprite Holdings (Shoprite Group), which started as a few stores back in 1979. What started out as a virtual grocery voucher in 2020 due to the outbreak of COVID 19, has since evolved to offer customers a wide array of financial services.
Shoprite Holdings also owns:
- Ticketing services: Computicket and Computicket travel.
- Pharmaceuticals: MediRite Pharmacy and TransPharm.
- Hospitality brand: Checkers food service.
- Fruit and vegetable procurement and distribution: Freshmark.
- Franchising: OK Franchise Division.
- Digital Commerce company: Sixty60.
- Furniture brands; House & Home and OK Furniture and Express.
- And liquor shops: Shoprite Liquor Store and Checkers Liquor Store.
Shoprite Money Transfer Services
Shoprite Money Market customers can transfer funds from their account to someone with an account or to one without an account. Without an account, the recipient must have a cell phone number and national identification card. Sending money to an account holder is free up to R5000 per day (no transaction fees). Sending to an unregistered person is also free but up to R4999 per day.
Receiving money sent through Shoprite Money Transfer: Money sent to a Shoprite Money Market account holder will reflect on their account 2 hours later. The unregistered person will receive an SMS informing them that they have received the money. After which, they should register using the cell phone number that received the money in order to access it.
Sending money using Ozow Instant EFT: When you urgently need to send money but can’t access the tills to make a deposit, you can wire money from your bank account to your money market account using Ozow Instant EFT (Electronic Fund Transfer).
Deposits and withdrawals: Cash deposits and withdrawals are made using the Shoprite Money Market tills which you can find in your local Shoprite, Checkers, Checkers Hyper and Usave retail outlets. Deposits and withdrawals are free but only for cash below R5000 each day. Singularly, cash deposits should not exceed R25000 each day.
Sending Grocery Vouchers: You can send grocery vouchers to someone with a Shoprite Money Market account or a cell phone number for free. Vouchers:
- Cannot be refunded once they are sent. Pay attention to the details when filling in the recipient’s information.
- Last 3 years after purchase, beyond which they become invalid.
- Are redeemed only once.
- Are redeemed using the recipient SMS. It should be kept till the voucher has been redeemed.
- Are received by the recipient one hour after they are sent
- Can only be used in-store and not online.
- Can alternatively be changed for cash.
- Users are not given change back when they use the voucher for purchases that cost less than the value of the voucher. Although, the remaining value is transferred into a gift card.
- If lost, will not be reimbursed by Shoprite or Checkers.
- Are not redeemable at other Money Market or at Usave mobile stores or at MediRite Pharmacies.
Receiving grocery vouchers: Recipients will receive an SMS informing them that they have received a grocery voucher. If they don’t have a money market account they will have to register using the cell phone number to which the voucher was sent. Once they have done so, they can redeem the voucher at Shoprite, Checkers or Checkers Hyper stores.
Making in-store Payments
You can make payments for your shopping or services in the following ways at Shoprite, Checkers, Checkers Hyper and Usave stores in the following ways:
With your phone:
- Open the app or the WhatsApp money market chat or dial the USSD code (*120*3534#).
- Select “Pay in Store”
- Follow the instructions on the prompts you make.
Using a linked Xtra savings card:
You can use your Xtra Savings card to make in-store payments from your money market account if you have linked the Shoprite Money Market account and Xtra Savings card account. In which case you only:
- Swipe the card,
- Then enter your pin at the prompt.
More about the Xtra Savings Card is discussed later in the “Savings” discussion.
Pay Employees and Send them Corporate Gift Cards with Shoprite Money Market
Employers can take advantage of incentives the market offers to motivate their employees. Outstanding employees would get corporate gift cards which they can redeem at over 1750 stores countrywide.
When employers make bulk purchases for gift cards on the money market, they can take advantage of discounts offered. They get:
- 1% off every gift card sent between R50000 and R99999
- 2% off those between R100000 and R249999
- 2.5% off those between R250000 and R499999
- And 3.5% off those between R500000 and R99999999
To pay employees:
- Access your account on the app, on WhatsApp or using the USSD (*120*3534#)
- Select the “Pay Someone” option
- Choose whether you want to pay them with money or with a virtual voucher
- Follow the instructions on the prompts you get
The payment is immediately reflected on the recipient’s Shoprite Money Market account showing that the money or voucher paid has been received.
Organizations can also use the money market to give employees subsistence allowance, service rewards, petty cash, debt payment incentives and COVID support; offer customers sales and debt payment incentives; and disburse grants or corporate social investments (CSI).
Advantages of the Money Market to Employers
- Shoprite Money Market does not charge distribution or administrative fees.
- It’s easily accessible on the cell phone.
- You don’t require any forms to set up.
- It does not charge monthly fees.
- Shoprite money market Application Programming Interface (API) is available to businesses for integration.
- It gives detailed reporting and does thorough account management.
- The money market offers secure money transfer.
Advantages of the Money Market to the Employees
- The money market can be used to buy many services remotely, giving employees the comfort to buy things from home.
- It displays the account’s balance and transactions.
- Vouchers are available to the employees for use soon as they are received.
- They can spend the vouchers in-store.
- Employees can take advantage of the incentives the money market offers.
Paying Bills and Topping Up Prepaid Services
The money market has links to over 800 account providers countrywide through which you can pay for your monthly bills. You can effortlessly pay for electricity to Eskom while you shop in-store or use your money market account online with an easy-buy prepaid electricity service. It is also one of the most convenient ways to get airtime and data on your phone online. You can use this money market to purchase airtime to your K’nect Mobile, MTN, Vodacom or Telkom sim but data only to a K’nect Mobile sim. Lastly, the money market also facilitates deposits to and withdrawals from Hollywood bets.
International Money Transfer
Shoprite Money Market has international money transfers on SuperSwift–their international money transfer platform–which is authorized by the South African Reserve Bank (SARB). Superswift can help you send money to over 70 countries. In order to use this platform:
- Register with SuperSwift online for free or in-store
- Enter the beneficiary’s (recipient’s) details
- Select the country in which the beneficiary resides.
- Pay the amount you wish to send using your credit card or Instant EFT online; or pay cash in-store
Make Bookings and Buy Tickets Online
You can use the money market to buy tickets for buses and planes and for shows and cinema screenings. You can also use it to book hotels. Ticket purchases and bookings are done on sites that allow it or on the Computickets platform.
Users of the money market can save money in their accounts to use on Black Friday or Big Red Weekend deals. Using this account is especially safer than using savings stamps. But there is still the option to buy Shoprite saving stamps.
The fact that it allows deposits to savings accounts to be made for multiple users, stokvels can find the Shoprite Money Market useful for member credit and mutual savings schemes.
The Xtra Savings Cards are also a good way to make savings for the future because they allow users to get special discounts off items sold in Shoprite or Checkers stores and save the change automatically into their savings account.
The money market facilitates payment of funeral insurance on OUTsurance, a company in partnership with Shoprite Holdings.
OUTsurance offers funeral covers from R10000 up to R50000 in which you can include a maximum of 21 members. They also give 1 month’s premium back for 12 months of paid insurance premiums.
Individuals and businesses will find Shoprite Money Market useful to them for their financial needs. The packages on offer cater to individuals and businesses differently. With this information, you can decide what it can do for you and see how you will do that.