A fresh suite of co-branded Mastercard and Zimswitch payment cards has been unveiled by BancABC Zimbabwe, enabling customers to make secure digital, domestic and international payments; including e-commerce transactions.
BancABC becomes 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 compliance with the Reserve Bank of Zimbabwe’s cyber-security regulations, the new BancABC cards are bolstered by a key selection of security measures, including EMV (Europay, Mastercard, and Visa) Chip and Pin technology. Absent of the metal strips that are used to store data on traditional payment cards, the use of EMV technology is set to add another layer of financial security to the offering through its ability to encrypt account information uniquely each time it is assessed.
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However, EMV chip technology does absolutely nothing to prevent or fight fraudulent card-not-present transactions, which might potentially leave BancABC’s customers at risk.
The EMV cards are also enabled for contactless payments, meaning that customers can ‘Tap to Pay’ at any contactless-enabled point of sale terminal. Since the onset of the Covid-19 pandemic, the use of contactless technology has rapidly gained traction as consumers have become more conscious about hygiene.
Businesses and individuals can also use the cards to shop and pay online. The ability to pay for bills, subscription services, and online shopping will become increasingly more seamless for BancABC’s customers.
BancABC has also enabled the card-to-card fund transfer functionality. By dialling a code, or using the BancABC A360 mobile application, people will be able to transfer funds directly from one Mastercard payment card to another.
In the coming months, BancABC will introduce several co-branded card innovations tailored to different market segments including:
One such innovation includes 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. 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.
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,” comments Charlton. “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 Bank’s vision to modernise the payment system. Together, we can connect more people to the global digital economy while laying the groundwork for future innovation.”
Cyril Nyatsanza, CEO of Zimswitch, added: “We are proud to kick off this market-wide partnership with Mastercard and BancABC. Through this collaboration, we have no doubt that the provision of convenient, innovative and secure payment solutions will contribute to and encourage positive market developments on multiple fronts.
Speaking at the launch, BancABC CEO Dr. Lance Mambondiani said: “We are delighted to be the first to market with this solution. It is thanks to the collaborative partnership between Mastercard, a global financial services powerhouse and Zimswitch, our national switch. There has been a lot of work that has gone into launching this project from all the teams involved and my gratitude is to the teams that have worked tirelessly to deliver this innovation.”
Source: The FinTech Times