New electronic payment mode

Staff Writer

INFORMATION technology company, eTranzact Zimbabwe, has launched the first fully integrated and operational mobile phone and Internet payment system, global marketing/corporate services director

Folake Olabiyi has said.


Olabiyi told a media briefing this week that Kingdom Bank was the only local bank to be on the eTranzact platform with successful integration of the bank’s Globus banking system. More banks had shown interest in the platform, she said.


“We have spoken to eight more banks which have shown keen interest in the platform and we hope to sign them on soon. Our trials with Kingdom Bank have shown that eTranzact is an alternative payment mode that is technology-driven in a society whose level of technology awareness is fast increasing,” Olabiyi said.


The system, which uses GSM telephones, enables account holders to shop securely, effect local and international money transfers online, pay bills, purchases and buy airtime through mobile telephone short messaging service, according to Olabiyi.


“eTranzact enables account holders to pay for goods and services purchased from participating merchants such as Econet Wireless, TM Supermarkets, Greatermans, Exor Fuel, Medix Pharmacy and utility providers such as Zesa and the Harare City Council,” Olabiyi said.


She said the payment system marks the transition from a cash economy of physical currency and cheques to an electronic-based business environment.