The Zimswitch vPayments system is aimed at capturing and securing internet-based payments between retailers and merchants and the final customer. Zimswitch vPayments uses One Time Passwords (OTP) which are randomly generated code keys sent to a client’s mobile number as an SMS every time a transaction is carried out on vPayments, providing additional security.
The newly added system has been jointly developed by internet service provider Dandemutande, the national electronic funds switch linking most of Zimbabwe’s banks through ATMs and points of sale systems, Zimswitch and Zimbabwe’s building society Cabs. The platform is available to all Zimswitch participating banks and three more banks are expected to join soon.
According to uMax, a division of Dandemutande, the online platform has received approval from the financial institution the Reserve Bank of Zimbabwe.
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