WEEKLY ROUNDUP - 03.07.2020

Your Friday fix for global fintech and payments news

Zimbabwe has issued an order to mobile payments firms to suspend mobile payments transactions within the country, accusing them of conspiring to sabotage the economy. The country’s president, Emmerson Mnangagwa, has claimed particularly that operators like Ecocash are trying to destroy the Zimbabwean dollar. In other news, Klarna extends its popular ‘Buy Now, Pay Later’ service into Spain, and MobiCash enables South of England Conference of the Seventh-day Adventist Church to take mobile donations to its congregation of 223 churches.

Our weekly round-up brings you a dose of some of the biggest news announcements from the past seven days so you can keep an eye on all that’s shaping our world this week.

 

  • Zimbabwe moves to suspend mobile payments
  • Klarna forays in Spain with ‘Pay in 3’ scheme
  • South of England Conference of the Seventh-day Adventist Church teams up with MobiCash to take mobile donations

 

Zimbabwe moves to suspend mobile payments

The government of Zimbabwe has ordered mobile payments firms to suspend payment transactions, accusing them of trying to sabotage the economy. President Emmerson Mnangagwa, claims that such operators, particularly the very popular Ecocash, have been conspiring to sabotage the Zimbabwe dollar, which has lost nearly all of its value over the last year, causing dramatic inflation of the national currency in the process.

As of Friday, Nick Mangwana, the country's secretary for information, publicity and broadcasting services said the government is suspending "all monetary transactions on phone-based mobile money platforms". The Zimbabwean government also announced that the stock exchange had also been closed. This news could bode detrimental to citizens of the country, who use mobile payments for more 80% of all transactions, according to central bank data.

 

Klarna forays in Spain with ‘Pay in 3’ scheme

Klarna expands its services to Spain, with the launch of their ‘buy now, pay later’ service. The service, called ‘Pay in 3’, allows customers to pay for their purchases in three interest-free instalments every 30 days.

Sebastian Siemiatkowski, Klarna Co-Founder and CEO, said: “Retail is changing at a rapid pace due to rising expectations from Spanish consumers. More than ever, consumers demand transparent and efficient shopping services that match their daily needs. We believe the future of retail is high tech powering high touch experiences, so regardless of how and when consumers want to shop and pay, we need to be there for them. That’s why we focus on unique shopping solutions that allow consumers to take control and shop on their own terms.”

 

South of England Conference of the Seventh-day Adventist Church teams up with MobiCash to take mobile donations

The South of England Conference of the Seventh-day Adventist Church (SEC SDA) has partnered up with MobiCash, a mobile payments service from Compass Plus, to roll out mobile donations to its congregation of 223 churches. SEC SDA churches will use MobiCash’s services to receive payments from QR code donations, by displaying QR codes on printed materials in their churches and, more recently due to COVID-19 restrictions, by displaying them online during live services.

Candy Layson, SEC Treasurer, said: “We had started using MobiCash before the pandemic broke out. We find the team behind it to be very effective and friendly in trying to adjust the set-up according to our needs. We have found it even more useful in the current situation where church gatherings are prohibited. It allows remote donations to be made by our members at their own convenience.”