EcoCash, the mobile phone-based money transfer platform developed by EcoNet Wireless of Zimbabwe with Mahindra Comviva coming in as the technology partner, has won the Best Mobile Payment Solution award at Glomo Awards held at this year’s Mobile World Congress (#MWC17).
EcoCash was introduced in November 2011 to eliminate cash by enabling digital payments using a mobile wallet. To realize ‘cashless-Zimbabwe’ vision, EcoCash follows “break-the-cash-cycle” approach aimed at digitizing all cash transactions. About 5 years after launch, EcoCash became the leading digital payments service in Zimbabwe with over 6.5 million subscribers and 30,000 agents.
(TOP: An EcoCash agency outlet. Photo: NehandaRadio).
EcoCash has a wide mobile money service portfolio including P2P transfers, international remittance, bill payments, NFC-based merchant payments, MasterCard Companion Card, Savings, Loans, insurance and Savings Club.
Just Safaricom’s M-Pesa money transfer service, EcoCash enables Econet customers to complete simple financial transactions such as sending money to loved ones, buying prepaid airtime for themselves or other Econet subscribers and paying for goods and services.
“The success of EcoCash is based on its ability to add innovative services every year. EcoCash has a wide mobile money service portfolio including P2P transfers, international remittance, bill payments, NFC-based merchant payments, MasterCard Companion Card, Savings, Loans, insurance and Savings Club. EcoCash is offered by Zimbabwe’s largest operator Econet Wireless and powered by Mahindra Comviva’s mobiquity Money platform,” states the award’s citation.
Mahindra Comviva’s mobiquity Money platform, on which the EcoCash solution is based, delivers a host of mobile money services that transform the way consumers save, borrow, transfer and spend money. Apart from delivering convenience to consumers, the solution enables financial service providers to acquire new customers, create long-term loyalty with existing ones, and seize new revenue opportunities to increase their footprint in the market.