Pick n Pay strikes gold with FNB eBucks partnership

Pick n Pay has seen double-digit growth year-on-year in FNB customers shopping at its stores or through its asap! app, thanks to its eBucks partnership with the bank. 

This partnership has also been able to deliver R600 million worth of savings to joint customers of the bank and the retailer. 

Crucially, it is getting people back into Pick n Pay stores and giving the retailer the chance to win them back as customers. 

Pick n Pay’s executive head of eCommerce, Innovation, and Digital Transformation, Vincent Viviers, described this process to Daily Investor as South Africans falling in love with Pick n Pay again. 

The retailer is going through a difficult period. It has closed non-performing stores, unbundled Boxer to raise capital, and is restructuring its labour force. 

Its turnaround has proven more difficult than initially expected, with Pick n Pay moving out the return to profitability of its core supermarket business to 2029. 

However, the business is regaining momentum and is getting South Africans to re-engage with its offering. This is in no small part due to its partnership with FNB eBucks. 

This partnership was launched in November 2024, and FNB eBucks CEO Pieter Woodhatch has led the rapid expansion of the offering to the bank’s client base, which has exceeded expectations. 

Initially only available to FNB Private clients, the benefits of the partnership have expanded to include its Personal segment. 

This is vital for the retailer, as it accounts for 20% of FNB’s client base, and these individuals spend R57 billion a year on groceries.

The partnership has also expanded on Pick n Pay’s side to include its asap! app and Pick n Pay clothing. 31 of its stores now also have FNB branches. 

Woodhatch explained to Daily Investor that the partnership has been a natural fit, enabling the bank to offer clients immediate, tangible value. 

“I think the standout for me is that once you enter a partnership where both teams are closely aligned and find each other, you can unlock significant value,” Woodhatch said. 

“We want the best for Pick n Pay, and they want the best for FNB. Ultimately, in that situation, the customer wins and the businesses. Everybody is really happy.” 

Pick n Pay winning big

Pick n Pay has benefitted immensely from the partnership so far, with the eBucks rewards points and deals bringing shoppers back to its stores. 

These customers have proven to be sticky, with many returning to make multiple visits to Pick n Pay and shifting their spending to the retailer. 

Viviers explained that asap! is key to this, with the retailer’s data showing that once someone shops on the platform, they are much more likely to be a repeat customer and are more valuable to Pick n Pay. 

“We have seen that through this FNB partnership, we have been able to generate double-digit growth of FNB customers coming to Pick n Pay and deliver R600 million in savings,” Viviers said. 

The most successful offering launched by the partnership so far has been the iconic Burger Friday campaign, which began in mid-2025. 

“We have delivered over seven million burgers to customers, which translates into R100 million worth of savings,” Viviers said. 

Woodhatch echoed Viviers’ sentiment and revealed that the bank’s data shows its clients are engaging with Pick n Pay more frequently and are spending higher amounts at the retailer. 

“Of the R600 million in savings, about R140 million of that is eBucks, which is being spent at Pick n Pay in the future,” Woodhatch said. 

“That is a compounded effect and a positive flywheel. Redemption rates of vouchers are up to 22% from the 7% we started with over a year ago.”

Crucially, these initiatives have not only brought South Africans back through Pick n Pay’s doors, but they are spending more at the retailer too. 

“What we are seeing associated with the Burger Friday deal or the 99 cents for a loaf of bread is over R100 worth of additional spend with the basket,” Viviers said.

“The customers are not just coming to buy the burger deal. They are adding quite a big basket on top of that. In some cases, it is an entire, traditional grocery basket.” 

With the Burger Friday deal and 99-cent loaf of bread offering available every week, customers are returning to Pick n Pay stores regularly or using the asap! platform. This is vital for the retailer to win back customers. 

Viviers also noted that while asap! has seen the strongest growth, customers who use the platform also tend to spend more when shopping in-store. 

The bank and retailer hope to use the combination of immediate gratification from Burger Friday and other deals with long-term savings to hook customers into the ecosystem. 

Viviers noted that in stores with FNB branches, the retailer has flagged a rise in signups as customers open bank accounts to participate in Burger Friday or to get a 99-cent loaf of bread. 

This shows the bank and retailer are creating a rewards ecosystem that aims to lock clients into their respective spheres. 

The partnership aims to result in Pick n Pay being the primary retailer and FNB remaining front-of-wallet for its clients.