adminEconet Wireless’s mobile money service EcoCash has launched a debit card that is linked to the Ecocash wallet, a move which will enable subscribers to make international payments with ease.
The debit card, a result of an agreement with MasterCard, is set to reduce the dependence on cash and increase financial inclusion through electronic payments in Zimbabwe and beyond our borders.
The move comes hardly a month after rival operator Telecel launched its own debit card that is linked to Zimswitch for its Telecash subscribers.
Speaking at the launch of the Ecocash debit card, Econet chief executive Douglas Mboweni said the debit card would do away with the need to carry around physical cash.
“The adoption of electronic payments is critical to Zimbabwe’s economic development. Reducing dependence on cash while increasing financial inclusion benefits the whole country including the Government, industry sectors like tourism and retail, merchants and citizens,” he said.
He said the debit card would also increase the velocity of transactions.
“We are saying let geography not limit the convenience that our subscribers should have. We want to do away with problems of geography and access to physical cash.
“We are saying let the money be kept in a bank and let the money be moved from one account to another while we use this convenient piece of plastic to do transactions,” he said.
Ecocash chief executive Cuthbert Tembedza also said the debit card provides an additional choice of transacting for people who did not want to use cash or mobile money.
“We look forward to offering Zimbabweans even more ways to benefit from the security and convenience of electronic payments as they engage with, and contribute to, the formal economy,” he said.
He said the debit card will create interoperability between everyone in different parts of the world.
MasterCard representative Charlton Goredema said the debit card would address Zimbabwe’s market realities, particularly the impact of mobile money.
“As EcoCash enables its customers to benefit from MasterCard’s global payments network, we are assisting Zimbabwe to integrate its economy with those elsewhere in the world.
Importantly, we are also contributing to the financial freedom of individuals,” says Goredema.
The card will cost users about $2 to access and transaction fees range between 30 cents and $2,45.
Users of the card can also withdraw money from MasterCard licensed ATMs and the card uses an EMV chip and PIN technology, which is much more secure than magnetic stripe cards that most of the local banks still use. — BH24.
Online Reporter