Paynet Zimbabwe partners Ecocash

Michael Tome
HARARE – EcoCash has collaborated with Paynet for salary payments using the latter’s software.
The initiative will enable companies to pay salaries directly into their employees’ (likely middle to low income salaries) EcoCash wallets.
Paynet, which is part of the Payserv group, already offers electronic payroll processing services and through this development it would tap into continuously growing EcoCash subscriber base.
This move is a temporary reprieve, as banks have not had access to Paynet’s solution which enables them to make bulk payments since June 15.
In a statement issued in the press yesterday indicating the service will be free up to the end of July.
“Paynet and Ecocash offer to provide Paynet secure, encrypted and tested salary payment services through to 1 August 2019. Hereafter, the service will be competitively priced compared to any alternatives available in the market.
“As a payment platform which has provided secure, private and reliable service to the nation for over two decades, Paynet urges regulators and consumers to are fully review the indemnities required to use alternative services.
“Your employees will be able to immediately fund their linked bank accounts using Zipit, currently priced by ZimSwitch at 55 cents RTGS,” read the statement.
On 24 April Paynet Zimbabwe informed all financial institutions on its platform that the technology owner will directly invoice in US dollar.
It gave a warning through the same statement that, “those institutions which fail to indicate this intent will be suspended from accepting account holder instructions until they make payment.”