New offline payment system

In a move set to revolutionise the country’s financial services sector, a local company, SmartPay, recently launched a system that works both online and offline.

The company has already invested $4 million in the Universal Electronic Payment System. The Managing Director, Miriam Mutizwa, said the system would help ease the banking problems currently bedeviling the country due to erratic power supplies and connection problems.

“As we strive to promote a cashless society, we are confident the system will greatly improve transaction processes. Most, if not all, existing firms depend on the availability of connection and power to transact. This prejudices underdeveloped areas not connected to the internet grid. We will bridge that gap as well as complement the services provided by already existing firms and banks,” said Mutizwa.

The company has already started operations in the marginalized communities of Binga and Makuti in Hurungwe and is targeting to set up 5 000 POS structures.

The country has experienced a significant shift from the use of hard cash to alternative transaction methods brought about by technological advancements making business transactions more convenient.

Post published in: Business

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