Zipit Charges – How Much you Pay When you Use Zipit

Have you ever wondered how much Zipit charges for their transactions? With the number of transactions being done between different banks as well as mobile money wallets, Zipit has grown to be one of the most utilised technologies.

How much can you expect to pay for Zipit transactions? Zipit charges a flat fee of $13.50 for credit push transfers, remittance to mobile and Zipit Smart purchases. However, individual banks also have their charges over and above this which vary from bank to bank.

With Zipit, you can instantly send money from one bank to another and mobile money wallets have come onboard as well. The result is greater convenience to the Zimbabwean banking public. Zipit can be accessed through USSD, online banking as well the different banking apps on offer.

There is a high degree of convenience that comes with this service but what exactly is it?

What is ZipIt?

Zipit is part of the product suite of ZimSwitch, Zimbabwe’s only financial switching platform. Zimswitch allows for transactions to be carried out between banks and, more recently, mobile money platforms.

ZimSwitch was launched in 1994 and at the time, they allowed customers of one bank to withdraw money from another bank’s ATM within the Zimswitch network. Before this, you could only withdraw money from your bank’s ATM.

Later on, this spread to POS payments. You could use your card on any POS unit in different businesses as long as they bore the Zimswitch logo. A few years later, they launched Zipit which was a way of transferring money from one bank account to any other bank registered on Zipit using your mobile phone.

On 8 September 2020, Zimswitch launched Zipit Smart which is a direct competitor to mobile money operators. This service allows small merchants to receive payments from their customers directly from their bank accounts without the need for an ATM card.

The merchant gets a merchant code to which their customers can send money. It works in much the same way as Ecocash’s merchant platform. Though this service is cause for concern as far as Ecocash is concerned, it remains to be seen whether they will knock Ecocash off their perch.

The main reason for doubt is that Ecocash still holds a big hold on the unbanked public. It seems time will prove to be the true test. Ecocash has managed to tackle just about everything that’s been thrown at them up to this point.

One area that Zipit holds an advantage over Ecocash is that their charges are lower. If there’s something that will prove to be a challenge it is that.

Zipit Charges

How much can you expect to pay when it comes to Zipit transactions? Zipit currently has single tariff for all transactions over their platform. Whether you are doing a mobile remittance, bank credit push or Zipit Smart purchase, you will pay $13.50 to Zipit.

Each bank also has its own service charge which you then need to add to the Zipit service charge. The transaction fees will vary from bank to bank.