"The partnership has exceeded expectations, with FNB seeing behavioural changes despite being available to only 20% of its customer base up until now.

"FNB Private clients who opted in have increased their spend, and 90% of this increase is from customers who previously spent less than 20% with Pick n Pay but have now shifted to the retailer as their primary grocer, shopping full grocery baskets," the retailer said.

The company also noted that the up-to-30% discount for on-demand delivery through Pick n Pay ASAP has driven a 98% increase in online shopping among these customers.

"The early success of this partnership signals strong potential for further expansion, which is already on the cards. This includes rolling out 33 new FNB banking kiosks in Pick n Pay stores countrywide by June 2025, with plans to grow this to 100 stores by June 2026."

Pick n Pay said that the partnership will now extend to FNB’s Personal Segment, which spent R57bn on groceries last year.

"From 1 April, Premier FNB cardholders will now also earn up to 30% back in eBucks on Pick n Pay’s ASAP service and up to 20% in-store (including clothing and liquor), while Aspire cardholders will receive R150 in eBucks vouchers every month.

"New from 1 April will also be the ability for over one million small and medium enterprises (SMEs) and larger enterprises banked with FNB Business to get up to 30% back in eBucks on their Pick n Pay ASAP purchases and up to 20% in-store, including Pick n Pay Hyper."

eBucks CEO Pieter Woodhatch emphasised that this partnership aims to help customers save amid rising living costs, supporting their household budgets and addressing their financial needs.

“With the cost of living constantly rising, we believe this partnership has the potential to help FNB and Pick n Pay customers experience meaningful savings that will boost their household budgets, which speaks to our aspiration of solving our customers' needs," Woodhatch said.

FAST COMPANY