THE strategic partnership between Zimbabwe’s largest mobile money platform, EcoCash, and global payments giant Paypal is set to drive increased international remittance inflows and widen customer choices.
Remittances are an important source of income for Zimbabwe, powering significant social and economic developments across the country.
Statistics from the Reserve Bank of Zimbabwe show that international remittances surged by 23 percent to US$1.372 billion in the six months to June 2022, with diaspora remittances contributing US$797 million.
Mr Munyaradzi Nhamo, EcoCash chief operating officer, said its recent partnership with Xoom, a Paypal money transfer service, is already bearing fruits as Zimbabweans living abroad, who have Paypal accounts, are now sending money back home to family and friends, in real-time, directly into their EcoCash US$ wallet via the Paypal platform.
“This partnership has resulted in an improved and more seamless money transfer experience for Paypal customers and is offering greater choice in how consumers send money back home through a safe, reliable and convenient digital platform,” he said.
PayPal has more than 200 million active account holders that use its platform to make payments around the world via mobile devices, in-app, or in person. It is one of the most popular payment methods available.
To send money back home using Paypal, Zimbabweans living in the diaspora only need to log in with their PayPal credentials or easily create a Xoom account, starting with their name and email address.
Step 1: Enter the amount.
Step 2: Choose Mobile Wallet as the receiving option.
Step 3: Provide the recipient’s mobile wallet account.
Step 4: Conveniently pay with a PayPal account, bank account, credit card, or debit card.
EcoCash noted that soon after sending money, the funds will be available in a matter of minutes in the recipient’s wallet in Zimbabwe.
“We have guaranteed US$ cash for our customers in Zimbabwe through an extended cash pickup network in both rural and peri-urban areas at all Econet shops and Steward Bank branches.
“Our goal is to provide our customers with simple but effective solutions which give them the convenience they need, as well as being a conduit for economic development wherever we operate,” he said.