Card based transactions increased by $55 million to $506,14 million in April 2017 from $451 million recorded in March 2017.
The increase comes at a time when monetary authorities are increasingly pushing for the promotion of cashless payment systems and the general scarcity of cash in the economy. Confederation of Zimbabwe Retailers president, Mr Denford Mutashu believes that over 80 percent of the retailers have adopted to use plastic money.
“Indeed almost all registered retailers around towns and cities are using POS machines except for those in the rural areas where there are network and power supply issues. “Instead those have embraced mobile money we have seen a tremendous rise in transactions attributed to plastic and mobile money.
“The increase in the usage of plastic money is testimony of the efforts by banks to promote electronic payments to make it easier and cheaper for the banking public to use cards.” During the month under review, the total value of transactions processed through the National Payment System (NPS) stood at $6 954,94 million in April 2017, down from $7 011,38 million in March 2017.