Ecocash tests NFC payments in Zimbabwe

Tuesday 28 October 2014 08:49 CET | News

Mobile network Econet’s payment service Ecocash is piloting NFC payments in Zimbabwe with cards that let users pay by tapping against a custom merchant device, TechZim reports.

According to the source, the card (a product of Singapore startup Nearex) is being distributed to any willing sign up at selected tertiary institutions which include UZ, Seke Teachers’ College and Belvedere Teachers’ College.

Dubbed the “Tap and Go Card,” it enables users to pay for services by tapping against the merchant device which has already been given to some of the service providers taking part in this pilot. The transaction costs are the same as EcoCash merchant costs.

Regarding payment security, the card does not need the EcoWallet PIN for any transactions valued at USD 3 or less, although they are going to have a threshold for excessive transactions for that nominal value. Any transactions above USD 3 require confirmation via phone.

Some providers/merchants that have been opted into this pilot include public transport operators (kombis) and a few other retail outlets which are likely going to be located at these tertiary institutions.

In August 2014, EcoCash partnered MasterCard in order to decrease cash dependence and increase financial inclusion through the provision of electronic payments in Zimbabwe.

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Keywords: EcoCash, NFC, payments , Zimbabwe, Econet, Nearex, Tap and Go Card, EcoWallet PIN
Categories: Payments & Commerce
Countries: World
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