Zamtel has announced the full integration of its ZamPay payment system to Visa and MasterCard platforms.
Zamtel believes the move will help accelerate the country’s migration towards a purely cashless society.
The integration means that ZamPay customers anywhere in the world can move funds from their Visa or MasterCard bank enabled bank accounts to their ZamPay.
Zamtel Chief Executive Officer Sydney Mupeta stated that the integration of ZamPay with the Visa and MasterCard platforms is one innovation which will undoubtedly change the lifestyle of the Zambian people.
“As you are aware customers currently have to walk some distance to find the nearest retail outlet for them to credit their ZamPay accounts with e-value. This is not only inconveniencing but keeps the customers away from other productive activities”, Mr. Mupeta said.
He added that the integration will enable customers to electronically transfer money from their respective bank accounts onto the ZamPay e-wallet at the press of a button.
“All this will be done from the comfort of their home, office or indeed any work station. The integration of ZamPay with Visa and MasterCard therefore marks a huge step in making ZamPay the preferred mode of payment in Zambia as it will give our customers a seamless mobile payment experience”, he explained.
The integration of ZamPay with Visa and MasterCard therefore marks a huge step in making ZamPay the preferred mode of payment in Zambia as it will give our customers a seamless mobile payment experience.
And officiating at the media launch of the integration at Zamtel House, Bank of Zambia Deputy Governor-Operations Bwalya Ng’andu said the innovation by Zamtel will help bring about a cashless society and also reduce cash handling risks.
“Zamtel’s commitment to innovation that we see in the market is commendable and we would really like to see you become in your own space champions in the provision of digital solutions in order to improve the experience of your customers and even more importantly contribute to the achievement of our most ambitious financial inclusion targets that the Bank of Zambia and other financial sector regulators like the Securities Exchange Commission, the Pensions and Insurance Authority even ZICTA have set for themselves,” Dr Ng’andu said. “So this is the space where we would like to see a lot of change and you have taken up this challenge and we would like to congratulate very much.”
Dr Ng’andu said that given the state of advancement in technology based payment methods that have so far been achieved in Zambia, the use of cash in effecting payments is probably now much higher than it needs to be.
He said the current reliance on cash and hence the presence of huge amounts of cash in circulation today is owed to people still preferring to move with cash as opposed to using alternative payment methods.
ZamPay application is the country’s first Quick Response (QR) code allowing consumers to scan the QR code displayed by the merchant with their phones to pay for their goods.
To start using ZamPay, Zamtel customers are requested to first download the ZamPay APP from Google Play store or App store and launch by swiping up from the home screen, authenticate then tap or hold their phone device close to the payment terminal to make payments. The consumers then enter the amount they have to pay and finally submit.