After the recent launch of the MyClub Card which seems to be aligned to the Innscor group and its cousins, it turns out the Meikles group is developing a similar product under the project name MyCash Card.
Booths inside Meikles related outlets like Pick n’ Pay are already sporting some of the MyCard branding and handling some services, the development of the card services is still ongoing as can be seen via the incomplete website. The idea is along the same principles as the MyClub card but with several enhancements.
The Meikles MyCash card seems to be a bank sponsored arrangement and has a structure similar to the loyalty arrangement we have discussed before. It offers all the mainstream mobile money transactions including transfers, utility payments and savings in addition to the banking services and utility payments.
It will accept payments from ZimSwitch, Visa, Mastercard and most if not all of the mobile wallets. It will also accept inward diaspora remittances from an undisclosed partner.
The card will use USSD (provisionally *212#, its not yet active), a mobile app (link not yet available), POS and web-based transactions. Direct P2P transfers are possible from card-to-card and card-to-other platforms via ZIPIT.
We are not sure yet whether it will bridge the interoperability divide and conduct wallet to wallet transfers with ease as this has not been happening fluidly across the current operators.
While a lot of questions on the Meikles card haven’t been answered so far (we made formal inquiries with Meikles Financial Services, they are yet to share more details) it seems like an ambitious product. We will be updating as we get more details.
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6 comments
Mycash seems more promising with more options like ebanking,mobile app,zipit etc.They could have used a different name instead of Mycash, seems to me they riding on noise made by Ecocash, Telecash, Textacash ,Nettcash and Smart Cash
But POSB and CBZ smartcash already allow sending to x via zipit. I think this is the same thing as smartcash just branded differently. No ways you can send cash into econet ecosystem that easily.
just a bit of info here. nothing new to write home about. POSB did it
Features of Peoples Choice Account
No monthly service fee.
Initial deposit $2
No minimum balance
Free debit (ATM) card.
Unlimited withdrawals
Access to POSB ATMs and those on Zimswitch
People’s Choice Account debit card can be used to purchase goods in retail outlets displaying the Zimswitch logo
Cellphone banking via CellBank (buy airtime, check your balance, transfer funds and so much more)
Safer than carrying cash
Customers can do the following transactions on their People’s Choice Account
Buy goods in retail outlets displaying the Zimswitch logo
Get cash back
Withdraw cash from both POSB and Zimswitch enabled ATMs
Deposit cash into account
Send money to any cell number
Pay DSTV subscriptions and Telone Bills
Purchase Prepaid Electricity
Sell prepaid Electricity
Top up airtime for self and for others
Check Account balance
Transfer funds to POSB accounts and to other banks
Bill payments
CBZ Did it
Features
CBZ Debit Card
Access to CBZ Mobile Banking (Smart Money)
No minimum balance
No monthly service fees
Services Available
The following services are available through SmartCash.
Cash Deposits
Cash withdrawals (branch, ATM & POS)
Funds Transfers to CBZ Bank account and ZIPIT (Interbank).
Balance enquiry
Mini Statement
Airtime Top Up Own Cell Phone
Airtime Top Up Third Party Cell Phone
Bill Payments (City of Harare & DSTV. Additional billers to be added)
POS Purchases and Cash back – on CBZ Bank devices and Zimswitch enabled devices
But finally wait for it… wait for it. On my cash they talk about insurance. que textacash.
If anything I think the fact that there is a CBZ, POSB, CABS and FBC logo should tell you what Meikles are doing. They are simply cooking up a platform where I think they will ask you to choose your backing financial institution. But remember once you have smart cash on your line, cant have posb or texta cash or mobile moola too. Just saying.
Products & Services
send money to any cell number
top up airtime
check balance
purchases
cash back
deposits
cash withdrawals
transfers to any Textacash card, CABS card or other bank account
bill payments
EasyInsure
EasyInsure is a flexible and affordable funeral plan that offers a once-off cash benefit of $1000.00 to cover funeral expenses in the event of death of the insured person
Duplication