BancABC is the first bank to launch Mastercard and Zimswitch co-branded cards
Collaboration will see BancABC introduce several card innovations including a Home and Away card that links to both a local currency and foreign currency account
Cards can be used for contactless payments, as well as for e-commerce, thereby minimising contact
BANCABC Zimbabwe has launched a new suite of co-branded Mastercard and Zimswitch payment cards, enabling its customers to make safe and seamless digital domestic and international payments including e-commerce transactions. This move supports the Reserve Bank of Zimbabwe’s vision of a modernized and interoperable payment system that drives inclusive economic growth and boosts access to the global digital economy.
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. 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.
Speaking at the launch, BancABC CEO Dr Lance Mambondiani said, “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.”
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.
Businesses and individuals can also use the cards to shop and pay online including for subscription services such as DSTV and Netflix, advertising on Facebook, online shopping, as well as travel and bill payments. BancABC has also enabled card-to-card fund transfer functionality. By dialling the *243# USSD code, or using the BancABC A360 mobile application, people will be able to transfer funds directly from one Mastercard payment card to another.
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.”
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.”
To exchange an old card or collect a new card, existing customers can visit any branch with a copy of their National ID and account number. The new card will be issued on the spot. Corporates can contact their relationship managers to arrange for new card issuance. New customers will be able to open accounts and get cards after producing the required KYC documentation.
Zimswitch is Zimbabwe’s national electronic payments switch and the leading payments technology company in the country. Our mission is to provide effective, secure and reliable service to meet the needs of all stakeholders in the electronic payments value chain in Zimbabwe. Our state of the art switching platform connects all financial institutions, sponsored participants, businesses, and consumers to the exciting world of digital payments. Understanding that the future is digital, we have placed innovation at the core of everything we do to remain ahead as we lead our customers on the digital journey. For more information about Zimswitch, visit us on website www.zimswitch.co.zw and follow us on Twitter: @Zimswitchtech and facebook; Zimswitch Technologies-Pvt Ltd.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. Visit www.mastercard.com. Follow us on Twitter: @MastercardMEA and @MastercardNews
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