Cheque transactions face extinction

Cheques are dying as a payment system in Zimbabwe as they have continued on a downward slip since the advent of the multiple currency regime in 2009 with transactions decreasing to $10.5 million in August 2913 from $12.3 million in July 2013.

The shift as shown in the RBZ monthly economic review, comes as more and more Zimbabweans adopt internet, mobile banking and card payment system.

The report shows that the value of mobile and internet based transactions increased by 4.93% to $3`18.16 million in August 2013 from $303.20 million in July 2013 while that of card based transactions rose by 2.23% to $241.5 million in August from $334 million in July.