New EcoCash solution enhances Zimbabwe financial inclusion

August 30, 2018 3:26 pm1 commentViews: 50

 

Ecocash MasterCard

Ecocash MasterCard

from MERCY MUJURU in Harare, Zimbabwe
HARARE – ECO-CASH, the mobile payment solution, and Mastercard have announced the launch of EcoCash Scan and Pay, set to reduce cash usage and increase digital financial inclusion in Zimbabwe.

EcoCash Scan & Pay is described as a simple, secure and instant mobile solution for consumers and merchants.

The Scan & Pay payments functionality is available to EcoCash’s five
million active subscribers, and is already accepted at 3 800 retail
locations and businesses in Zimbabwe.

Powered by Mastercard’s Masterpass QR, EcoCash Scan & Pay enables subscribers to pay merchants directly from their mobile money accounts simply by scanning a QR code displayed at checkout with their smartphone or by entering a merchant identifier associated with the QR code into their feature phone.

The technology removes the need for consumers to carry cash or a physical wallet and frees both consumers and retailers from the costs, security risks and inconveniences associated with cash.

Natalie Jabangwe, EcoCash Chief Executive Officer, said one of the biggest opportunities to move Zimbabwe towards a cashless and financially inclusive society lies in leveraging something millions of Zimbabweans already hold in the palms of their hands – their mobile phones.

“We are excited to be the first and only mobile financial services
provider in Zimbabwe to offer this innovative service to our customers, empowering them with a fast, simple and instant payment option that is already accepted at a wide range of retail outlets and businesses that accept Masterpass QR,” Jabangwe said.

Gabriel Swanepoel, Vice President of Business Integration at Mastercard Southern Africa, said Masterpass QR was a game-changer enabling smaller retailers to increase sales, draw new customers and open up new commerce channels with little to no investment.

In Zimbabwe, small and medium enterprises have become an integral sector in economic growth, contributing more than 60 percent of gross domestic product, yet only a fifth are served by formal financial institutions.

“We are pleased to partner with EcoCash to shape a new digital age of commerce in Zimbabwe – all using the market’s existing mobile payments infrastructure,” Swanepoel said.

Josphat Mutepfa, Reserve Bank of Zimbabwe Deputy Director for Financial Markets and National Payments, commended the launch of EcoCash Scan & Pay, saying it would help speed up the uptake of electronic payments across the country in line with national policy.

– CAJ News

 

 

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