Zimbabwe sees increasing trend in use of digital payments

Zimbabwe's economy is experiencing a surge in digital payments, with the value of retail transactions climbing by 35 per cent in the second quarter of the year. This rapid growth coincides with increased adoption of Point of Sale (POS) technology across the country, according to the Reserve Bank of Zimbabwe.

Official figures show that the value of digital retail transactions jumped from US$4.4 billion in the first quarter to US$5.93 billion in the second. The volume of digital transactions also rose significantly, increasing by 15 per cent over the same period. This is reported by The Herald, a partner of TV BRICS.

The proliferation of POS machines is also on the rise, with the number deployed across the country growing from 150,000 in March to 152,800 in July.

This initiative aims to enhance digital transactions and foster greater financial inclusion. Experts noted that the country has witnessed an increasing trend in the use of digital payments, including mobile money and online platforms.

In line with government policy, all businesses are encouraged to register and formalise their operations. Relevant government agencies are actively involved in facilitating these processes.

Photo: iStock / Thaspol