Yesterday’s proposed ban of the ‘Swipe-into-Ecocash’ service didn’t go without NetOne’s notice. This morning NetOne posted pictures on their social media platforms (kind of) mocking the ‘Swipe-into-Ecocash’ service and simultaneously promoting their OneMoney (OneMoney Card to be specific) as some kind of an alternative to ‘Swipe-into-Ecocash’ service.
However, the sarcasm is misplaced. Ecocash is not a competitor to OneMoney so to me the jibe doesn’t make sense. To begin with, Ecocash is a system and OneMoney with its OneMoney card is just part of a system (Zimswitch). Furthermore, the Ecocash card is not ZimSwitch-linked like the OneMoney card meaning that the Ecocash card works in its unique-built ecosystem whereas the OneMoney card works in a borrowed system(Zimswitch).
What does this mean?
Ecocash has its own ecosystem which it does not share with banks. It means the money in an Ecocash card is not shared or switched to other banks but its circulated in the Ecocash ecosystem. Therefore, Ecocash doesn’t depend on a foreign system it has no control over.
Whereas, OneMoney’s survival depends on the ZimSwitch Ecosystem which is shared by all banks in Zimbabwe. Since the OneMoney Card is linked to many banks (because of ZimSwitch), OneMoney has no control over the Zimswitch system and thus the money doesn’t stay in the OneMoney system.
Actually, with the ‘Swipe-into-Ecocash’ service, OneMoney is at risk of losing money out of their wallets since people can just ‘Swipe-into-Ecocash’ using the OneMoney card. Thus transferring money from the OneMoney ecosystem into the Ecocash system.
As such OneMoney is not a competitor in the eyes of Ecocash but just a platform they are benefiting from. As far as I am concerned the only company that gives Ecocash goosebumps is ZimSwitch, not OneMoney.
In a nutshell, Ecocash is a direct competitor to Zimswitch as both institutions have platforms that circulate money in their own ecosystems.
Ecocash debit card is OneMoney’s Competitor
Rather than talking about OneMoney and Ecocash in the same breath, I would rather talk about the OneMoney debit card and Ecocash debit card. Although OneMoney debit card and Ecocash debit card stand shoulder to shoulder to a certain extent, the Ecocash debit card is a bit above since it does international payments. Up until OneMoney collaborate with Visa or MasterCard for international payments, it will continue to lag behind Ecocash.