Mastercard un­veils new shop­ping card

Chronicle (Zimbabwe) - - Worldwide -

one of the driv­ers of in­fla­tion. As a re­sult, she said most lo­cal goods have dis­mally failed the im­port parity test due to high mar­gins.

“There is a need to ap­pre­ci­ate the value of the US dol­lar. If that is left unchecked, all strate­gies to in­crease pro­duc­tion and ex­ports will not suc­ceed and it would be a case of throw­ing good money af­ter bad,” said Mrs Bony­ongwe.

Eco­nomic ex­perts and sur­vey find­ings have rec­om­mended a down­ward re­view of pro­duc­tion costs so as to make Zim­babwe com­pet­i­tive.

14 per­cent from $724 mil­lion in the same pe­riod last year. Mrs Bony­ongwe at­trib­uted the growth to rev­enue en­hance­ment mea­sures such as au­toma­tion, greater en­force­ment and the fight against cor­rup­tion.

She said the bulk of rev­enue was de­rived from VAT on lo­cal sales (22.42pct), in­di­vid­ual tax (20.05pct) and ex­cise duty (18.17pct). Com­pany tax con­trib­uted 11.20pct while the rest of the rev­enue heads con­trib­uted 28.16 per­cent. MASTERCARD has launched a bio­met­ric card that uses fin­ger­prints to en­able pur­chases, re­veal­ing that it had been piloting the card, a global first for the com­pany.

Mastercard is a lead­ing global pay­ments and tech­nol­ogy com­pany that con­nects con­sumers, busi­nesses, mer­chants, is­suers and gov­ern­ments around the world.

“When we heard about the in­no­va­tion at a global level, we thought it would be rel­e­vant to our cus­tomers. There is also an un­der­stand­ing in SA of the value of bio­met­rics,” said Mark El­liott, head of Mastercard in SA.

The South African So­cial Se­cu­rity Agency has used bio­met­ric cards to dis­trib­ute grants since 2012. Build­ing on the fin­ger­print scan­ning tech­nol­ogy used in mo­bile pay­ments, Mastercard’s bio­met­ric card stores an en­crypted dig­i­tal tem­plate of the user’s fin­ger­print. Card­hold­ers in­sert the card into a re­tailer’s ter­mi­nal and place their fin­ger on the em­bed­ded sen­sor, which ver­i­fies the fin­ger­print and au­then­ti­cates the trans­ac­tion.

The card can be used at any card ter­mi­nal us­ing EMV (Euro­pay, MasterCard, and Visa) tech­nol­ogy glob­ally.

Mastercard was scal­ing the pi­lot, with plans to roll the card out glob­ally, El­liott said. Ad­di­tional tri­als were planned for Europe and Asia Pa­cific. The tri­als in SA had used Pick n Pay and Absa em­ploy­ees.

Richard van Rens­burg, deputy CEO of Pick n Pay, said the cards per­son­alised the shop­ping ex­pe­ri­ence. “Bio­met­ric ca­pa­bil­ity will mean added con­ve­nience and en­hanced se­cu­rity for our cus­tomers.”

Mastercard hoped the bio­met­ric cards would fur­ther dis­place cash, said El­liott.

A fu­ture ver­sion of the card would fea­ture con­tact­less tech­nol­ogy with cus­tomers hov­er­ing their card over a re­tailer’s ter­mi­nal and au­then­ti­cat­ing the trans­ac­tion by us­ing their fin­ger­prints. — Wires.

Mrs Wil­lia Bony­ongwe

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