adminH-Metro Reporter
POSB, in partnership with Mastercard, has launched its new prepaid and debit cards with two transacting currencies on one card.
The new Mastercard debit card intends to give customers access to inclusive financial solutions to solve their local and international foreign currency payments, whether they hold a POSB account or not.
The Mastercard debit card is now the default card that POSB account holders can use to transact in United States dollars or local Zimbabwean dollars.
POSB’s chief executive, Garainashe Changunda said the bank seeks to improve economic growth and the welfare of ordinary people.
“As a people’s bank, we are cognisant of our customers’ ever-changing needs.
“We strive to provide them with relevant solutions. From the feedback we received, there was a need for payment solutions that allow them to fully participate in global commerce to enhance their economic opportunities,” said Changunda.
He said the new card is in line with the bank’s mandate to offer its customers quality service.
“To make payment, one can easily switch from local currency to foreign currency or vice versa, depending on which currency they want to use for that specific payment.
“In line with the bank’s mandate to champion financial inclusion, one of the National Development Strategy 1(NDS1) objectives, we are further offering an easy-to-sign-up prepaid Mastercard for non-account holders who also wish to transact in USD currency, whether locally or internationally,” he said.
Speaking on the joint effort, and the launch of the co-badged debit and prepaid Mastercard card, Zimswitch CEO Zabron Chilakalaka said:
“We are delighted to be working with Mastercard, a leading financial technology powerhouse, and POSB, one of Zimbabwe’s largest financial institutions. A lot of hard work and dedication has gone into launching this project.
“My gratitude goes to all the teams involved and have worked tirelessly to deliver this innovation to both account and non-account holders, enabling them to transact in both local and foreign currency — safely, securely, and seamlessly.”
Mark Elliott, division president at Mastercard, Sub-Saharan Africa, said:
“At Mastercard, we are committed to driving financial inclusion and providing digital solutions that help customers make safe and seamless transactions.
“The cards come with advanced security features, including a PIN and EMV chip that allows contactless payment (Tap and Go) to ensure that customers transact safely and securely in the virtual environment.
“Both the debit and prepaid cards are also equipped with a full complement of digital and easy-to-sign-up features such as card activation or deactivation, PIN reset, balance inquiry, mini-statement, transaction history, full-statement request and block or unblock lost/stolen card.”
Mathew Masinge
Online Reporter