Telecel today launched its electronic wallet service, Telecash, which allows mobile phones to be used to send money to anyone with a mobile phone, (regardless of network) and pay for groceries, bills, airtime and other goods and services.
The long awaited product from Telecel is banking on its interoperability features to entice consumers to sign up. Telecash if fully integrated with Zimswitch (ZIPIT) giving Telecell full interoperability with local banking institutions.
Those who register for Telecash can request a Telecash debit card, which can be used to pay for goods and services at any of the more than 4,500 ZimSwitch branded point of sale devices in shops, restaurants, hotels and other retail outlets throughout the country.
According to, Telecel, Telecash also has international money transfer capabilities where users can have money transferred from major international destinations straight into their Telecash account, through various international money transfer corridors.
The current Telecash service will initially cover 85% of population (Telecel network coverage) and on day one they will be launching with 1,600 agents. The service will be available on all networks (NetOne and Econet users can receive cash via Telecash).
The registration code is *888#.
Here are the key functions of the Telecash product:
- deposit money in their e-wallet at any Telecel office or telecash agent;
- draw money from their e-wallet at any Telecel outlet or telecash agent;
- send money to anyone on any mobile phone network in the country;
- receive money in their telecash e-wallet account;
- deposit money in any bank account held at a bank which belongs to ZimSwitch and has the ZimSwitch ZIPIT facility;
- purchase prepaid airtime for themselves or other Telecel subscribers;
- pay for groceries and other goods and services at merchants displaying telecash sign;
- pay bills such as bills from ZESA, TelOne, DSTV and Harare City Council;
The spending limit for Telecash transactions is $500 per transaction and $1 000 per day. The transaction limit per month is $5 000. Telecel is targeting 60% (1.6 million) of their subscribers to sign-up within six months.