Mastercard and Zimswitch, which is Zimbabwe’s national payment switch, have announced that they are having a partnership to modernize Zimbabwe’s payment infrastructure. They will use MasterCard’s technology, services, and products.
This will further support the Reserve Bank of Zimbabwe’s vision of an interoperable payment system that supports economic growth and development of the digital economy.
Dr. John Mangudya, who is the governor of the Reserve Bank of Zimbabwe, considers a partnership as a good development that will help to achieve a long-lasting vision and strategic plan to modernize payment systems and infrastructure. To build an inclusive financial sector that supports the socio-economic development of the country is the main goal of the Bank right now. This will be a development for the country too.
Zimswitch will be launching co-branded contactless master cards that feature EMV technology to enable safer and smarter transitions. The payment will be changed in the digital version of paying too. A loyalty platform and a national fraud and risk management solution, financial institutions and merchants are all against criminal activity.
From an e-commerce perspective, Zimswitch will leverage payments Gateway services to support small businesses. Private and public sectors also will have some benefits. The platform will give all the payments from major to minor services and these will be all online.
Zimbabwe has already seen that electronic payments over the last years have grown. Now, MasterCard’s commitment to driving Zimbabwe’s digital area will demonstrate confidence in the market.
The ultimate goal for this project is to unlock the best in class payment solutions and pose Zimbabwe at the forefront of the global financial system. In the future, this will help to boost investments in Zimbabwe and also will make it easier for people and businesses to transact.
Mastercard’s commitment to financial inclusion means the company is actively involved in the latest technology to simplify and reduce the cost of transacting. This is even more usable during this pandemic when a confused population has been impacted by the economic crisis.
This strategy will focus on enabling digital transformation for anyone, so their customers or themselves enjoy seamless access to payments and a superior experience when sending the money on different accounts.
Artificial intelligence to ease payment
Everyone already knows about artificial intelligence helping people in various industries and daily activities. The improvement of payment systems will help those too who are trying to do powerful automated trading. It will make predictions about the forecast of forex market prices and automatically invest for anyone in their broker account. However, this is not something completely new as we’ve already had MetaTrader 5 brokers try to implement bots or signals onto their platforms that would identify perfect opportunities for profits and either notify their traders or place the trade for them directly.
Sooner or later, everyone will forget about embarrassing forex trading platforms and wasting time doing market analysis. Artificial intelligence and easy payment can do the job much more efficiently, making forex trading simple.
With the use of the AI trading system there comes democratic investing. The way anyone in the world can trade easily and increase the chances of achieving above-average forex returns, regardless of the level of the investment experience.
Mastercard is a global technology company in the payments industry. This is the digital economy that benefits everyone and everywhere. They reshape the digital economy so everyone can realize their ambitions.
For more than 50 years, Mastercard has been transforming how people pay and get paid. Their innovation has supported growing businesses, improved consumer payments and experiences, advanced more inclusive financial systems around the world. Their main power is that they are the fastest payment processing network.
In addition to that, Mastercard believes that fostering a culture of innovation is a way to success. So, they hire talented people with innovative minds to keep up with new needs and trends. They are so committed to working with developers and entrepreneurs that surely Mastercard will enable advances in the future of economics.
Zimswitch is operated by Zimswitch Technologies Private Limited. It’s a third-party transaction business launched in 1994. They are national electronic funds switch for Zimbabwe and a leading technology company in the country. They create customer value by providing frictionless payment experience by offering secure and efficient payment service solutions that dissect across markets.
Through business ethos which includes a culture of innovation, their service continues to evolve to meet the changing dynamics of the payment market. The future is now and the future is digital. Digital payments transformation has become the business agenda for thousands of companies.