Zimbabwe’s leading mobile money platform, EcoCash, has further expanded payment options for its customers by reactivating its MasterCard debit card, along with a virtual payment solution, to enable millions of customers to easily make secure global e-commerce payments.
EcoCash was the first mobile money platform in Africa to adopt MasterCard in 2014, but the service was temporarily suspended in 2019 when the country banned the use of multiple currencies and made the Zimbabwean dollar the only means of payment.
Mr. Munyaradzi Nhamo, COO of EcoCash, said the company has reactivated its MasterCard service following the government’s recent decision to maintain the country’s multi-currency system by legislating the use of the US dollar for the five coming years.
“Over the past decade, we have transformed mobile money transactions in Zimbabwe, and now we are working to expand the payments ecosystem by opening the global marketplace to all of our customers.
Our strong partnership with MasterCard will help us achieve this,” he said.
With the EcoCash debit card, which is directly linked to your EcoCash wallet, customers enjoy unparalleled convenience when withdrawing cash from international ATMs as well as local USD ATMs.
“Our customers can also make international point-of-sale (POS) and contactless transactions using the EcoCash debit card,” Mr. Nhamo said.
Although the physical credit card cannot perform transactions at point-of-sale terminals in national currency (ZW$) and online payments, the company has introduced an EcoCash virtual card which is generated and activated instantly by the customer. for online purchases.
Mr. Nhamo said the virtual card, which is generated and activated through the EcoCash wallet, is valid for 28 days to enhance security.
“This allows the customer to generate a map as and when they want to use it without visiting any physical structure.
Unlike the physical debit card or prepaid card, the EcoCash virtual card does not include a minimum load value or purchase amount. Customers can pay for their goods and services for any amount,” he said.
“In addition, customers can top up their cards through local and international money transfers.”
Using Mastercard’s virtual payment solution linked to EcoCash wallets, consumers and merchants can interact with overseas brands and businesses through digital commerce, extending their reach to an international market and opening up a wealth of ‘opportunities.
This comes as local businesses – both formal and informal – have recently been increasingly buying goods and raw materials globally to resell in the Zimbabwean market.
However, rising fuel prices and travel costs are making most goods expensive for customers.
However, the introduction of EcoCash’s Mastercard virtual payment solution is expected to reduce business costs as merchants and individuals can make payments to global e-merchants through a seamless and secure digital payment experience across sites. Web and mobile applications.
The service is available whether or not the customer has a bank account.
“The Mastercard virtual card allows consumers to explore and shop at well-known global e-commerce brands and quickly and securely pay for leisure purchases, travel, accommodation, entertainment, services streaming and more.
It will also allow small business owners to buy from overseas suppliers and pay with the virtual payment solution,” Mr. Nhamo said.
For example, EcoCash customers can make online payments for Netflix, DSTv, Avon, Spotify, and Apple Music, among other platforms, using the Mastercard virtual card.
EcoCash’s mobile payment solutions are at the forefront of connecting more Zimbabweans to new forms of commerce.
The company’s affordable mobile financial services are having a positive impact on communities and lifestyles in the country, as evidenced by the phenomenal growth in customer numbers and transaction volume over the years.