After the article we posted this morning in regards to Standard Chartered bank cancelling Visa card payments outside of Zimbabwe, it has now come to our attention that this is just for the physical card, when one travels and not online payments, for now.
Confirmation has been made by both a client who banks with Standard Chartered and a phone call to the bank, that the ban does not affect online transactions.
This will prove to be somewhat of a relief to clients, albeit, by the bank’s current actions, it’s a signal of what’s to come, as clients who travel can still make their payments (asking the merchant for their online details and making the payments there instead) r by seeking approval from the bank prior.
With the country currently running out of United States dollars, the bank is probably taking measures to limit the scarce foreign currency in their Nostro accounts, though from tweets we’ve seen from clients, this actually started last year.
No data is available at the moment as to how many people are affected by this new measure, but we’d be interested to know whether you make online payments and if you do, ballpark, how much per annum do you spend.