Zimbabwe’s BancABC Introduces Mastercard and Zimswitch Payments Cards

Zimbabwe’s BancABC Introduces Mastercard and Zimswitch Payments Cards

BancABC becomes the first bank to launch Mastercard and Zimswitch co-branded cards, following a partnership between the national payment switch and the global payment technology company announced last year. In compliance with the Reserve Bank of Zimbabwe ’s cyber-security regulations, the new BancABC cards are bolstered by a key selection of security measures, including EMV ( Europay , Mastercard, and Visa ) Chip and Pin technology. Absent of the metal strips that are used to store data on traditional payment cards, the use of EMV technology is set to add another layer of financial security to the offering through its ability to encrypt account information uniquely each time it is assessed. However, EMV chip technology does absolutely nothing to prevent or fight fraudulent card-not-present transactions, which might potentially leave BancABC’s customers at risk. The EMV cards are also enabled for contactless payments, meaning that customers can ‘Tap to Pay’ at any contactless-enabled point of sale terminal. Since the onset of the Covid-19 pandemic, the use of contactless technology has rapidly gained traction as consumers have become more conscious about hygiene. Businesses and individuals can also use the cards to shop and pay online. The ability to pay for bills, subscription