POS machines are that which facilitate for payments using plastic money in the form of debit and credit cards. The apex bank deputy governor Dr Kupukile Mlambo last week said the programme was going to bring in cheaper and mobile POS devices , in a move aimed at promoting cash lite transactions to ease the cash shortages.
The POS machines we have nowhave along way to go in satisfying the market. so we were in a programme to bring in cheaper and mobiler devices.
“The current devices go for $200 which most informal traders cannot afford. however the mobile ones will be about $ 60 which they can then rent, to operate with a pin,” he said at a recent conference.
As the country’s cash shortages peak , the RBZ has resorted to several measures to minimise the use of hard cash, with increasing POS infrastructure at the core of this thrust.
With central bank figures estimating that over $7 billion is circulating in the sector, Mlambo said the RBZ was seized with trying to get the devices to vendors
RBZ increased the number of POS machines by 11 percent to 32540 in the first quarter of 2017.
Data from apex bank shows that the number increased from the 29000 registered at the close of 2016, while figures gathered from the Confederation of Zimbabwe retailers,CZR also indicate that the countrys total POS infrastructure was pegged at 20000 at the end of July 2016.
POS transactions volumes have been flourishing after surging 260 percent in 2016 on the back of the cash crisis after the country processed POS transactions worth $2,9 billion in 2016 from $1,7 billion processed in 2015
According to 2017 Monentary Policy Statement there were 52,41 million transactions in 2016 up from 14,54 million in 2015.
This was the first time since the adoption of a multi currency system in 2009 that the value of POS transactions exceeded ATM values, indicating another migration from ATM activity which is also reflection of cash circulation through regestered banks.
Market expects anticipate POS volumes to surge again this year on the back of a deepening cash crisis and increased POS infrastructure.