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Plastic Revolution: Zim Records $1 Million POS Transactions in a Week

Plastic money is slowly becoming an alternative as the cash crisis in Zimbabwe continues - with point-of-sale transactions rising by more than 117 000 in seven days to top 1,2 million in the week. 

The Reserve Bank of Zimbabwe has been at the forefront of agitating for plastic money as a United States dollar cash shortage continues to affect the economy.

Bankers Association of Zimbabwe president Dr Charity Jinya said POS transactions were growing exponentially.
POS Transactions are Becoming Popular in Zimbabwe 

“There has been a significant increase in both the volume and total value of electronic point-of-sale transactions being recorded. 

"For example, during the week of April 29, 2016 to May 6, 2016, volumes of POS transactions shot up from 440 000 transactions valued at US$46 million dollars, to 737 000 valued at US$88 million.

“This growth trend is still very strong as the latest official figures which have been released by the RBZ show that 848 000 POS transactions were recorded in the week ending 1 July 2016. 

The figure grew to 1,18 million transactions valued at over US$110 million in the week ended 8 July 2016.

“There are about 16 000 POS terminals deployed across the country. Banks are continuously working to increase this number. Banks are also offering and encouraging the wider use of mobile and internet based payment,” Dr Jinya said.

Cash shortages have persisted despite imports of notes worth US$300 million by the RBZ since March. Government has adjusted its systems, with all public institutions directed to install POS terminals. - Sunday Mail 

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