EcoCash’s new USD Mobile Money system reports eightfold Increase

Leafias Mazviro

During the initial three months of 2023, the Utilisation of EcoCash Holdings Limited’s recently launched mobile money system in USD experienced an eightfold surge, reflecting a substantial rise in consumer spending.

The rise is attributed to the introduction of innovative products within the segment, including the implementation of 3D Secure Payments. This feature makes it safe and easy to make online transactions using the EcoCash MasterCard debit card in USD.

“Despite the challenging economic conditions presented, the Group has continued to make steady progress across all our subsidiaries. We have navigated these challenges through the diversification of our product and service offering,” said the company in a trading update.

“Our local currency (ZWL) wallet has continued to support government efforts to promote ZWL transactions. We launched new features during the quarter, including 3D Secure Payments allowing secure and seamless USD payments for online internet transactions through the EcoCash MasterCard debit card, which has been well received by our customers,” said the company.

The USD wallet on the EcoCash platform is gaining traction as more customers perceive it as user-friendly and dependable. The increasing usage of EcoCash’s Mobile Money service indicates a rising trend of Zimbabweans opting for mobile payments over other forms of payment.

The reason why the segment has been successful is because it can offer easy and convenient financial services. This is important in a place where regular banks are not able to provide many services because of the fast growth of unofficial economic activities.

Leave a Reply