Local startup Paymenow has a rather unique offering whereby employers can pay employees a portion of their salary or wages before payday.
Now the startup has announced that employees signed up on the Paymenow app can fund a Shoprite Money Market account to access funds at a Shoprite, uSave or Checkers store. In addition, users can also send grocery vouchers to friends and family anywhere in South Africa.
The firm says that it is also rolling out a similar offering for Pick n Pay and Boxer Superstores soon. This offering will allow Paymenow users to purchase groceries, airtime, data and prepaid electricity.
On that, Paymenow reports that 15 percent of all transactions since March went toward airtime, data, and electricity.
“Ever since founding Paymenow, we have always wanted to allow employees the ability to stretch the little bit that they have that much further,” says business development head at Paymenow, Bryan Habana (yes, that Bryan Habana).
Paymenow is rather clever solution to a problem faced by many South Africans – that is to say, running out of money before payday – and serves as a far better alternative to things like predatory payday loans.
“With real inflation seemingly much higher than the official 3.2%, we want to help as many South Africans as possible stretch their rand when it comes to life’s necessities,” adds Habana.
For businesses looking to assist employees with Paymenow, head to the website to find out more about the offering which is free to employers.