Card based transactions continue to rise

Card based transactions continue to rise
Published: 24 January 2014
The total value of card based transactions increased by 1.11% to $331.71 million in the month of November, from $ 328.06 million in October 2013.This is based on figures released by the Reserve Bank of Zimbabwe.

The continuous increase in card based transactions is evidence that the Zimbabweans are gradually adopting the use of financial innovations and reducing the use of hard currency .

It is important for service providers as well as business to embrace the use of debit card points so as to increase their attractiveness to customers and therefore widen their market.

However on the downside the figures showed that the value of transactions processed through the Real Time Gross Settlement (RTGS) system decreased by 14% to $3.13 billion in November 2013, from $3.64 billion recorded in October 2013.

In volume terms, transactions registered a decrease of 12%, from 212 663 to 186 635 over the same Card based transactions continue to rise period. The decrease is an indication of the suppressed business activity within the economy.

Mobile and internet based transactions also declined by 21.87%, from $357.77 million in October 2013.

In the same vain cheque transactions decreased from $13.75 million in October 2013 to $11.40 million in November 2013 as the liquidity constraints continue to prevail.
- bh24


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