Another innovation for epayment from Econet

Econet CEO Mr Mboweni

Econet Wireless is not letting up on innovation, announcing yesterday it has launched a tap and go payment system called EcoCash Ta!

The mobile network operator said that the service will enable customers to buy from vendors and informal merchants without using cash.

It is the first of its kind in Zimbabwe and is part of EcoCash’s strategy to promote a cashless society in the country.

The innovative payment system also enables Econet to tap into an informal sector believed to have $7,5 billion in circulation, according to a Finscope Survey, to counter falling voice call revenue.

Econet Wireless has vigorously invested effort, time and financial resources towards innovations that take advantage of and sweat its expansive infrastructure, where it has invested over $1,2 billion in six years.

Such initiatives will certainly help boost top and bottom lines, which have been hit hard by the stagnation of growth, largely, in voice revenue, as group revenue fell by 52 percent ($323m) and 17 percent decline in profits ($23,8m), in the half year period to August 2015.

Ecocash Ta, if it performs will therefore be critical instrument to arrest decline in revenue and profits.

“It is also a safer and convenient option for many vendors who have to carry cash with them, which increases risk of theft. EcoCash Ta! will benefit vendors selling airtime, fruits and vegetables, potentially opening a new avenue for employment creation in a country where many people are surviving on informal trading,” said Econet Wireless Zimbabwe chief executive Douglas Mboweni.

He said more than 500 vendors, merchants and agencies had already signed for EcoCash Ta! in Harare alone, and Econet planned to launch it in other parts of the country over the next few weeks.

“Our plan to revolutionise the way vendors and merchants receive payment for their goods by introducing a safe and convenient payment method that makes life easier for them and their customers as none has to carry cash on them,” said Mr Mboweni.

He said EcoCash Ta! is not only for vendors, as even retailers such as supermarket chains and butcheries can sign up for EcoCash Ta!.

“Ecocash ta! uses technology called Near Field Communication, which enables our clients to tap their cell phone against a merchant or vendor’s enabled micro point-of-sale device and the value of the transaction will be automatically deducted from the client’s EcoCash account.

“No PIN is required when paying for purchases of up to $3, and any transaction above $3 requires a PIN up to a daily limit of $1000,” added Mr Mboweni.