Imagine going to the grocery store with a suitcase filled with cash. This is the image for which Zimbabweans were infamous. The inflation crisis in Zimbabwe was so bad it forced the value of their currency to become practically worthless. The country responded by adopting the US dollar in 2009, but then a new problem emerged. Today, Zimbabweans don’t have enough coins to make change, because of the heavy expense of shipping coins from the US. So Zimbabweans are left to play a game of adding or subtracting items from their shopping carts to avoid the need for change.
This is just another example of how cash is cumbersome and costly. MasterCard is dedicated to promoting the electronicification of payments to all corners of the world. Prepaid cards are a simple, safe, and secure way to pay and a perfect solution for the change problem in Zimbabwe. Prepaid gives consumers the flexibility to manage and budget their funds without the worry of carrying cash.
MasterCard is also providing access to funds via a mobile phone – like in Kenya where MasterCard, Airtel and Standard Chartered Bank launched a virtual prepaid wallet on a mobile phone providing consumers with a simple and safer way to shop. To support all these services, MasterCard is working to open up new acceptance locations in emerging markets like Zimbabwe, both in physical locations and virtual ones.
In fact, just last month MasterCard and Kingdom Bank in Zimbabwe introduced a new suite of solutions including issuance of debit and prepaid cards as well as new acceptance locations. This will help open up the local economy and provide financial flexibility for Zimbabweans.
No change needed here! Now that’s priceless. What are your thoughts? How can MasterCard make change?