According to company representatives cited by ippmedia.com, the newly introduced USD Visa debit card mitigates cash-related risks by making transactions more convenient. They also stated that more than 2,000 Visa ATMs in Tanzania are compatible with this card, and more than 24,000 Visa-enabled merchants in Tanzania currently accept it. As far as security is concerned, the cards benefit from up-to-date 3D, Chip, and PIN technologies.
Officials from NBC Bank have also revealed that, while the card is denominated in USD, it can be used to settle purchases in other currencies. These can refer to payments for various retailers, as well as online fees for recurring services and online subscriptions.
Debit card integration in Tanzania
As seen in a payment systems overview published by the Bank of Tanzania, the most popular instrument of payment in the country is cash. As for non-cash payment instruments, these include Electronic Fund Transfers, paper-based instruments such as cheques, card payments, and internet banking.
According to a payment method report published by Adyen, more than 40% of Tanzania’s adult population relies on mobile money or peer-to-peer payment systems. These systems are particularly useful for unbanked citizens and for those living in rural areas.
In other African states, such as Nigeria, debit cards occupy a much larger market share, as they account for more than 29% of total ecommerce sales.
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