Mobile financial & VAS company Mahindra Comviva has entered into a partnership with Econet Wireless and MasterCard to debut its connectMoney Service Manager in Zimbabwe. Following this partnership, Econet Wireless has issued MasterCard based debit cards linked to EcoCash Wallet in Zimbabwe which, according to the company, is the largest such roll out of secure EMV chip and PIN payment cards in the country.
The users of these debit cards will be able to use it to transact at ATM machines with MasterCard support and at various POS terminals, locally and internationally. The connectMoney Service Manager will also offer a virtual card to users on request, which is delivered via SMS and can be used to make payments on e-commerce websites. These virtual cards are directly connected to the mobile money account of the user.
According the Mahindra, its Service Manager is platform agnostic and will benefit customers by letting them pay for goods at various physical and online merchants via their mobile money accounts. The company claims over 3.7 million people in Zimbabwe currently use EcoCash with transactions valued at over $5 billion, equivalent to 43% of the country’s GDP. It said by introducing electronic payments with a physical debit card, EcoCash aims to reduce user dependence on carrying cash.
mobiquity Wallet: Earlier this year in March, Mahindra Comviva had launched the digital wallet solution called mobiquity Wallet, which allowed merchants to make use of technologies like NFC, QR codes and Bluetooth Low Energy (BLE) to offer context aware payments to their customers. This solution can be integrated by merchants with their existing mobile app or website at the checkout stage or allow in-app shopping by integrating it into their ERP system.
The company had later entered into a partnership with payment solution provider First Data to roll out an mPOS solution in India. As a part of the agreement, small and medium enterprises (SMEs), service professionals and other businesses will be able use their phones as a point of sale device, powered by the mobiquity platform.
Currently, Mahindra Comviva claims that its mobiquity Money platform is used by over 50 service providers across 40 countries around the world. Overall the company claims to have its various mobility services deployed by over 130 mobile service providers and financial institutions in over 90 countries.