In Cash-Strapped Zimbabwe, Mobile Payments Rule
Payments by check are disappearing and mobile-based transactions account for 89.1-percent of total transactions in cash-strapped Zimbabwe, ITWebAfrica reports.
Persistent liquidity problems are pushing citizens to use online payment, according to data from the central bank.
Although Internet penetration in Zimbabwe is less than 50 percent, the mobile penetration rate exceeds 100 percent, according to the report. Internet access in Zimbabwe is mostly through mobile devices.
According to the Reserve Bank of Zimbabwe, mobile-based transactions accounted for 89.1-percent of total transactions in volume. ATMs come in a distant second at 6.7-percent of transactions. Point of sale transactions account for 3.2 percent of the total, followed by real-time gross settlement at 0.9 percent; and checks at 0.1 percent.
Data for this report covered $1-billion worth of transactions for Jan. 1 to Jan. 9 in Zimbabwe, 2014, ITWebAfrica reports.
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