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POSB in partnership with Mastercard has launched new prepaid and debit cards that will enable customers to make seamless transactions in both domestic and international markets.
The Mastercard debit card will now be the default card that POSB account holders can use to transact. The debit card has two transacting currencies where customers can either transact in United States Dollars (USD) or Zimbabwean Dollars (ZWL) to make payments locally and internationally.
The prepaid Mastercard card is intended for customers seeking local and international foreign payment solutions, whether they hold a POSB account or not. All that is required is a national identity card and proof of residence to sign up for the prepaid Mastercard, deposit any amount in USD, and start transacting on the local or international markets.
To make payment using the Mastercard debit card or the prepaid Mastercard, one can easily switch from local currency to foreign currency or vice versa, depending on which currency they want to use for that specific payment
POSB’s chief executive officer, Mr. Garainashe Changunda said that the introduction of Mastercard debit and prepaid cards was in line with the bank’s vision to provide simple, responsive, innovative, and inclusive financial solutions that create an enabling environment critical for transformative economic growth and the welfare of the people of Zimbabwe.
“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,” Changunda said.
“In response to the feedback, we partnered with Mastercard and to offer two cards. The POSB Mastercard debit card, which is linked to the POSB local (ZWL) and United States Dollars (USD) accounts to give seamless transactions in both currencies using the same card. To make payment, one can easily switch from local currency to foreign currency or vice versa, depending on which currency they want to use for that specific payment,” he added.
“In line with the bank’s mandate to champion financial inclusion, one of the National Development Strategy 1(NDS1) objectives, we are further offering an easy-to-sign-up prepaid Mastercard for non-account holders who also wish to transact in USD currency, whether locally or internationally,” said Changunda.
Customers can use prepaid or debit Mastercard cards on local points of sale (POS) machines and ATMs. They can withdraw cash, pay forex bills such as DSTV and Netflix, tuition, and purchase goods and services for their entrepreneurial projects on e-commerce platforms with ease.
Through their ground-breaking technology, Zimswitch, a leading switching and payments company has in collaboration with Mastercard enabled POSB account holders to transact by using their co-badged prepaid and debit Mastercard cards.
Speaking on the joint effort and the launch of the co-badged debit and prepaid Mastercard card, Zimswitch CEO Zabron Chilakalaka said, “We are delighted to be working 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.”
The cards come with advanced security features, including a PIN and EMV chip that allows contactless payment (Tap and Go) to ensure that customers transact safely and securely in the virtual environment.
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. Additionally, a resolute customer support services team has been put in place to resolve customers’ queries at the earliest possible time should they arise.
Country Manager for Southern Africa at Mastercard Gabriel Swanepoel, said, “At Mastercard, we are committed to driving 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”, he added.
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