Any mobile registered user on any network is able to enjoy real convenience of sending money through Zimswitch Instant Payment Interchange Technology (ZIPIT).
The following options are available:
-ZIPIT to bank:-transfer from a bank account to another bank account.
-ZIPIT from bank to wallet-transfer from bank account to a wallet (currently Telecash & OneMoney)
-ZIPIT from wallet to bank account– funds transfer from wallet to bank account.
a) Initiating channels
- Mobile :- via USSD or Mobile App
- POS: – Any POS running a suitable ZIPIT application.
- ATM: – where the necessary software has been installed.
- Online: – through internet banking.
b. ZIPIT Limits
- There is no minimum one can send on ZIPIT, a customer can send any amount.
- The maximum amount that can be sent per transaction is $20 000.
- One can perform a maximum of 5 ZIPIT transactions per day.
c. ZIPIT Narrations
The ZIPIT platform has been upgraded to ZIPIT version 2.0 which gives detailed narrations of each ZIPIT transaction. For Financial Institutions who have upgraded their systems to accommodate ZIPIT 2.0 one can now track the sender or receiver details. For each ZIPIT transaction an SMS is sent to both the sender and the receiver confirming the transaction. The details captured include the below:
- First name
- ID number
- Mobile number
- Reference number/ purpose of funds.