A recently unveiled payment system, eDollar which was created as a unified all-purpose payment system has begun making inroads as a fully fledged payment system, carrying strong futuristic features that will disrupt the market.
The initiative will greatly impact not just Zimbabwe but across most African countries as it is set to drive the digital front of transacting in most African countries
Tawanda Mushawedu, the brains behind eDollar unified payment solution announced that trials have started for the next generation of government revenue collection. The eDollar smart card will perform a triple functionality
1) debit card
2) biometric ID card
The triple functionality of the smart card will save the Zimbabwe Governments tonnes of money as the ePassport will remove the need for paper passports. This matches the futuristic international ePassports phenomenon that is slowly taking root.
The biometric ID helps with more tighter monitoring of fraudulent activities, Identity theft and match money spent to a specific individual. At present, it is very easy for dirty money to circulate in our financial system because the fintech systems available don’t put a face to money movement and spent.
eDollar offers online transfer, swipe and evoucher system which will make use of Blockchain Technology, further improving the interoperability, shorten settlement period, lower storage cost and increase capacity
More importantly, eDollar gives rich business intelligence tools for decision makers to attract investors by providing rich customer insights a function which most of the existing local fintechs have missed.
The platform comes with stored value cards which enable seasonal promotional and special transacting as the pricing and voucher system can be tailored by the operating primary bank.
eDollar has Identified a primary bank and a myriad of other local banks as a means to bring accountability and responsibility to public funds…eDollar is experimenting the cryptocurrency model which will be backed by gold or platinum in Zimbabwe and for Zimbabwe. eDollar is set to revolutionize the fintech ecosystem in Zimbabwe and bring back confidence in Zimbabwe’s public sector funds management.