Electronic card producer CardEx, has partnered a Minneapolis (US)-based firm Entrust Datacard with a view to entering the Zimbabwean market.
There has been growing demand for electronic cards on the local market as electronic payments have become the order of the day.
The CardEx-Entrust Datacard partnership is set to bring more competition and diversity in the Zimbabwean e-card market, which has lately been undergoing an unprecedented digitisation evolution.
CardEx is a merger of general ICT and printing supplies business previously under ALG investments and Webs for Africa technologies electronic card supplies and consumables established in 2006, while Entrust Datacard provides modern digital identity authentication solutions, which enable secure transactions for corporate and financial institutions.
The venture comes only a month after giant global payment solutions provider, MasterCard formalised its support for payment innovation to grow financial inclusion through the implementation of innovative payment technologies in Zimbabwe.
Areas of cooperation in the partnership will cover instant card issuance, transaction security, central card issuance, consumer authentication, ID issuance and management digital certificates in Zimbabwe mainly targeting financial services companies, digital business, government departments, universities, medical aid and insurance companies.
CardEx chief operations officer Alen Marimbe, views the partnership as a window to high-tech first world countries technology as it is a global company with a foothold in Middle East, Europe and the US.
He said CardEx produced electronic cards where competitive as they were compliant to Visa and MasterCard requirements.
“The partnership will enable us to provide local businesses with cutting edge technologies, it brings capabilities that we did not have as it (Entrust Datacard) works with a number of technology suppliers that are going to assist us in strengthening our card supply to banks and companies that use electronic cards.
“Entrust Datacard has always been trying to reach Zimbabwe and the partnership that we have secured brings them formally into the country to support card production and issuance to the local market.
“Our cards are Visa, MasterCard and ZimSwitch certified, which means they are compliant to support financial services,” said Mr Marimbe.
Entrust Datacard, regional channel sales manager Anwar Hussain, highlighted that CardEx will benefit from the company’s connectivity to renowned hi-tech companies in that field which will boost the company’s competitiveness.
“Our company has a relationship with Craft Silicon and M15-Pro systems, which are all well-known firms and will promote the visibility of your company on local and regional market.
“Craft silicon is a Fintech company that specialises in core banking and mobile commerce whilst M15-Pro systems concentrates on digital banking solutions with latest innovations in machine learning products key in reducing fraudulent access,” he said.
Cash shortages in Zimbabwean economy has lately created a surge in use of electronic money in recent times translating to a demand in supply of bank cards.
Only three countries currently account for 50 percent of the world’s total cards in circulation, with China and US accounting for 29 and 12 percent respectively while India ranks third with 11 percent.