Meikles Financial Services (MSF), a subsidiary of the group that operates the hotel services, has announced the launch of what it says is its flagship product, the MyCash card; the arrangement backed up by a partnership with savings bank POSB.
The card offers service inside TM Pick n Pay and outlets in Zimbabwe, allowing cashless transactions inside
The card represents essentially a bank account; it allows all mobile money transactions, including transfers, utility payments, and savings, in addition to other regular banking services.
These mobile services will be accessible via the USSD code *212# on a sim card for all three major mobile operators.
MyCash Card is different from telecom-owned mobile wallets like EcoCash, and thus belongs in the same category of telcom-independent mobile wallets such as Nettcash.
Meikles also say the new card will be capable of handling ZIPIT transactions, (ZIPT is the inter-bank funds transfer from Zimswitch.) This means that MyCash Card holders can make instant transfers of up to $1,000 to any account at another bank using ZIPIT.
Sending will attract a $1 charge, while MyCash Card holders will receive ZIPIT transfers for free.
Unboxing the whole package
Also enabled are agency banking, withdrawals from any Zimswitch-connected bank account, as well as bill payment for services such as ZESA and cable TV.
Additionally, interesting innovations planned as part of the drive to a cashless shopping experience in TM outlets include launch of a website to go along with this card scheme – picknpay.co.zw, which MSF says will allow Zimbabweans outside the country to pay for groceries for relatives based in Zimbabwe.
A solution to the cash shortages?
MSF are trying to cast the launch of MyCash as perfectly timed, because it comes at a time when the economy is experiencing a cash crisis.
With ZIPIT capability and other conveniences that have been bundled up, the Meikles team is touting “unseen level of inter-operability and large-scale financial inclusion in Zimbabwe,” specifically mentioning the prevailing cash crunch as one of the challenges MyCash Card will solve.
These are big promises being made, and we’ll definitely keep an eye on MyCash and post any updates as developments unfold.