POSB, Mastercard in prepaid, debit cards deal
Michael Tome / Malvern Nkomo
POSB, in partnership with Mastercard, a global technology company in the payments industry, on Wednesday launched prepaid and debit gold Mastercards that will enable customers to seamlessly process domestic and international transactions.
The Mastercard debit card is the default (universal) swipe card POSB account holders will now use to transact for all local transactions.
This will enable clients to make dual currency transactions from the same card, using the two main transacting currencies in the country, the United States Dollars (USD) and the Zimbabwean Dollars.
To make a payment, one can simply switch from local currency to foreign currency or vice versa, depending on which currency an individual wants to use the card for.
On the flip side, the prepaid Mastercard card is intended for customers seeking to execute both local and foreign payment solutions.
The cards come with advanced security features, including a PIN and EMV (Europay, Mastercard, and Visa) chip that allows contactless payment (Tap and Go) to ensure that customers transact safely and securely in the virtual environment.
POSB chief executive officer, Garainashe Changunda, said the introduction of the Mastercard debit and prepaid cards was in line with the bank’s vision to provide simple, responsive, innovative, and inclusive financial solutions.
He said the goal was to create an enabling environment critical for transformative economic growth in tandem with President Mnangagwa’s Vision 2030, which seeks to achieve an empowered and prosperous upper middle-income society by 2030.
“As a people’s bank, we are cognisant of our customers’ ever-changing needs. We strive to provide them with relevant solutions. From the feedback we received, there was a need for payment solutions that allow them to fully participate in global commerce to enhance their economic opportunities.
“We partnered with Mastercard to offer two cards. The POSB Mastercard debit card, which is linked to the POSB local currency and US dollar accounts to give seamless transactions in both currencies using the same card., said Mr Changunda.
The POSB prepaid Mastercard will ensure that the non-account holder groups of society are financially included and can fully participate in various economic activities.
This is in line with the bank’s mandate to champion financial inclusion, which is one of the National Development Strategy 1 objectives. According to POSB, customers can use prepaid or debit Mastercard cards on local points of sale (POS) machines and Automated Teller Machines (ATMs).
They can be used to withdraw cash, pay foreign currency bills to make payments for DStv, Netflix, tuition, purchase goods and services for their entrepreneurial projects on e-commerce platforms with ease. Through ZimSwitch, a leading switching and payments company in Zimbabwe the collaboration with Mastercard enables POSB account holders to transact by using their co-badged prepaid and debit Mastercard cards. Mastercard vice president, customer solutions, Shabir Ahmed, said the global technology company in the payments industry was committed to drive financial inclusion and providing digital solutions that help customers make safe and seamless transactions.
“Over the last decade, there has been considerable progress and a shift in the payment landscape as we know it, as such, we have had to be agile and nimble in our approach and develop innovative solutions that address consumers’ pain points.
“We are proud to collaborate with POSB to enhance the drive to access financial services, enabling more people to enter the digital economy, and as a leader in the payments technology industry, we will continue to provide our customers with the best solutions and experiences”, said Mr Ahmed.
Speaking on the joint effort and at the launch of the co-badged debit and prepaid Mastercard card, Zimswitch CEO Zabron Chilakalaka said he was delighted to be work with Mastercard, a leading financial technology powerhouse, and POSB, one of Zimbabwe’s largest financial institutions.
“A lot of hard work and dedication has gone into launching this project. My gratitude goes to all the teams involved and have worked tirelessly to deliver this innovation to both account and non-account holders, enabling them to transact in both local and foreign currency – safely, securely, and seamlessly,” said Mr Chilakalaka.
Both the debit and prepaid cards are also equipped with a full complement of digital and easy-to-sign-up features such as card activation or deactivation, PIN reset, balance inquiry, mini-statement, transaction history, full-statement request and block or unblock lost/stolen card.
Mastercard is a global technology company in the payments industry with connections across more than 210 countries and territories.