Business Overview | Pick n Pay launches new store-to-store money transfer service, further hardship for Boeing

Amidst a lack of corporate news, retailer Pick n Pay has launched a new store-to-store money transfer service, while remaining the retailer's cheapest option. In international news, Boeing was involved in another safety incident after an engine cowling fell off during takeoff in the United States.

Pick n Pay announced on Monday the launch of its store-to-store domestic money transfer service. At a flat rate of R8 per transaction, it says this is the lowest price for customers within a retail store. With Absa's support, the service will be interoperable across all his Pick n Pay supermarkets, clothing stores and Boxer stores in SA, spanning a network of over 1,400 stores. Customers only need to register once using their ID to access the service at any store. After each transaction, the sender will receive her PIN via SMS and share it with the recipient. This allows the recipient to immediately access funds from the affiliated store. The minimum remittance amount is R50, the daily limit is R3,000, and the monthly limit is R25,000. The group said the use of informal cash in SA remains high and the service helps bridge the gap for individuals who do not have access to traditional cash. banking and digital infrastructure;

French media giant Canal+ announced on Monday that it has made a strong and compulsory offer to acquire MultiChoice. The offer price is R125 per share, almost 67% higher than the MultiChoice share price just before the first offer in February. Meanwhile, MultiChoice, Africa's largest pay-TV operator, has brought on Standard Bank as an independent expert to provide input on the proposal, and has agreed to work together to ensure its realization. A non-binding offer of R105 per share was rejected as too low by the board of Africa's largest pay-TV operator in February, after which Canal Plus raised its offer to the current amount in March. Canal+, whose parent company is Vivendi, operates in 50 countries in Europe, Africa and Asia, directly serving its 8 million customers in Africa. As of 2023, the total number of subscribers was approximately 25 million, and MultiChoice had 23.5 million. Both men have serious ambitions for Africa and acknowledge that they need scale to compete with US giants like Disney+ and Netflix. MultiChoice is up just under 5% his and is up about 57% since the initial offer was published.