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Govt to introduce more swipe machines to end long bank queues

6 years agoSat, 11 Mar 2017 22:24:19 GMT
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Govt to introduce more swipe machines to end long bank queues

Finance Minister, Patrick Chinamasa revealed that Government is planning on introducing more  point of sale machines popularly known as swipe machines in a bid to promote the use of plastic money and hopefully reduce long bank queues.

Speaking to The Sunday Mail, Chinamasa said:

Long queues outside the banks are being experienced particularly during month-ends and Government is promoting the use of electronic payments in order to reduce pressure on the demand for physical cash. As at end of year, 325 40 point-of-sale machines and 40 590 agents were deployed across the country in all sectors of the economy. This momentum to grow devices and access points dovetails with the national financial inclusion policy thrust where the planned deployment is expected to reach 100 000 POS’ and 90 000 mobile payment agents by year 2020. It is encouraging to note that, in keeping with the thrust of promoting electronic payments, a number of payment service providers and banks have enhanced deployment of devices and access points. Further, the Reserve Bank reduced the charges for using electronic payment platforms to one percent on the automated teller machines and 1,25 percent withdrawals on the counter

More: Sunday Mail

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