Financial services provider, BancABC Zimbabwe is making inroads in enhancing international payment systems following the unveiling of the co-branded Mastercard and Zimswitch payment cards.
The development will enable its customers to make safe and seamless digital domestic and international payments including e-commerce transactions.
BancABC is the first bank to launch Mastercard and Zimswitch co-branded cards, following a partnership between the national payment switch and the global payment technology company announced last year.
In the coming months, BancABC will introduce several co-branded card innovations tailored to different market segments including Corporates, SMEs, Retail and Private Banking individuals.
“One such innovation incudes its ‘Home and Away’ card that links to both a local and foreign currency account, enabling Zimbabweans to make local and international online and in-person payments with a single card,” the bank said.
Other solutions include a combo card onto which up to four different currencies can be loaded, a prepaid card and local and foreign currency cards for businesses.
“As BancABC, we are pleased to enhance the digital banking landscape with this revolutionary co-branded Zimswitch and Mastercard range of products. It is the first-ever offering of its nature from the banking sector, which will enable our customers to transact with greater ease and convenience, both at home and abroad,” said BancABC CEO Lance Mambondiani.
In compliance with the Central Bank’s cyber-security regulations, the new BancABC cards include EMV Chip and PIN technology, providing cardholders with additional peace of mind while making them more difficult to counterfeit.
The EMV Chip also enables contactless payments, meaning that customers can quickly ‘Tap to Pay’ at any contactless-enabled point of sale terminal. Since the onset of the COVID-19 pandemic, use of contactless technology has rapidly gained traction as consumers have become more conscious about hygiene.
According to Charlton Goredema, Vice President of Country Business Development, Botswana and Zimbabwe at Mastercard, people are increasingly embracing digital payments – a trend that has accelerated due to the Covid-19 pandemic.
“Zimbabweans are increasingly seeking safe, seamless and consistent digital payment experiences. Backed by the speed and security of Mastercard’s global network, we are pleased to partner with BancABC and Zimswitch to lead the transition to digital, while supporting the Reserve’s Bank vision to modernise the payment system. Together, we can connect more people to the global digital economy while laying the groundwork for future innovation,” said Goredema.
