Nabilah Safira
TechInAfrica – Mastercard and Zimswitch have collaborated to modernize Zimbabwe’s payment framework. The collaboration is something that the companies believe will uphold the nation’s Reserve Bank’s vision of an interoperable payment framework that underpins comprehensive financial development and lifts the digital economy.
John Mangudya, Governor of the Reserve Bank of Zimbabwe says that the Reserve Bank views the collaboration as a positive development that will assist the bank to reach its long-standing vision and strategic plan to change the payments systems and infrastructure. Besides, the bank also aims to build an inclusive financial sector that supports the socio-economic development of Zimbabwe.
Zimswitch will reveal a co-branded contactless card program that boasts EMV technology to bring safer, advanced, and more guaranteed transactions by using Mastercard’s global network. The payment switch will also present a digital payment solution, a loyalty platform, and a national fraud and risk management solution from Mastercard to make consumers safe, financial institutions, and merchants against criminal activity.
Zimswitch, from an eCommerce platform perspective, this company is expected to use Mastercard Payments Gateway Services to help small businesses as well as the private and public sectors.
Wonder Nyabereka, the Zimswitch Board Chairman says that Zimbabwe has seen a memorable shift of electronic payments growth over the last few years and we are excited by Mastercard’s commitment to directing Zimbabwe’s digital agenda, which demonstrates confidence in the market. The main purpose of this collaboration is to open the advanced payment solutions that will put Zimbabwe at the forefront of the global financial system.
Source: Itnewsafrica.com
