Zimbabwe processed Point of Sale (POS) transactions worth US$2.9 billion in 2016 with POS volumes increasing by 260% during the same period. POS transactions are all payments made at swipe machines using plastic money in the form of debit and credit cards.
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There were 52.41 million POS transactions in 2016 up from 14.54 million in 2015. For the first time since the adoption of a multi-currency system POS transaction values exceeded ATM values, indicating another migration from ATM activity which is also a reflection of cash circulation through registered banks.
These changes are all attributed to the cash crisis in Zimbabwe which plagued the country throughout 2016 and has continued to affect transactions in cash. Zimbabweans have been forced to adopt cash alternatives which include plastic money as well as mobile money services.