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Econet partners Paynet for EcoCash payroll service (updated)

EcoCash Paynet
   

EcoCash PaynetUpdate: Updated the number of companies Paynet works with from 150 to 1,500 after receiving the correct information from the company. 

We just got information that Econet and Paynet, a local payments & payments software company, have partnered to offer a new EcoCash service that will enable companies to pay salaries directly into their employees’ EcoCash wallets. The service will likely be announced in the coming days.

Paynet, which is part of the Payserv group, already offers electronic payroll¬†processing services and counts as clients some 150¬†1,500 companies locally. The new EcoCash wallet payment option will be available to this huge base of existing clients and will likely attract more companies to consider Paynet for their salary payments processing. Ideally, not all sizes of salaries are for this method; we imagine it’s for middle to low income salaries.

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The new convenience for employees that will have their salaries channelled to their EcoCash wallets is that they won’t have to set time aside to go to a bank to retrieve, say, money for rentals and other monthly expenses. Those that currently receive their salaries as cash in an envelope will also not run the risk being robbed on pay day.

The development will probably see some people start to keep money in their EocCash mobile money wallets they way they would in a bank account. If your salary came to your EcoCash Wallet, why would you need to move it from there unless you wanted to spend it immediately. Why would you need to even transfer it to a regular bank account? Maybe to pay off a small bank loan?


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