WHAT IS ZIPIT?
ZIPIT (ZIMSWITCH Instant Payment Interchange Technology) is a platform that enables instant inter-bank funds transfers between ZIMSWITCH member institutions (Banks and Wallets) connected to the ZIMSWITCH network. ZIPIT is designed to run in parallel with traditional RTGS focusing on real time smaller transfer amounts with lower transfer costs.
1) SENDING - This is when a participant initiates a transaction and wishes to send funds to another member institution.
2) RECEIVING - This is when a participant receives funds that have been sent from another member institution.
ZIPIT transactions are made available through the following initiating channels:
- Mobile - via USSD
- POS - Any Point of Sale device running suitable ZIPIT application.
- ATM - where necessary software is installed.
THE FOLLOWING OPTIONS ARE AVAILABLE:
1. ZIPIT to Bank - Transfer from a bank account to another bank account.
2. ZIPIT Bank to Wallet - From bank account to a wallet (currently Telecash & OneWallet).
- Online, real time, affordable.
- There is no minimum limit- you can send any amount.
- Maximum amount is $10,000 per transaction.
- Maximum of 5 ZIPIT transactions per day.
- Cost only $2 per transaction (ZIPIT Recall $2 per transaction)
N.B. Each Bank’s terms and conditions apply.
At Standard Chartered Bank we currently offer ZIPIT through our Mobile Banking USSD platform (*200#)
Sending is simple
1) Dial *200# on your mobile
2) Enter your Mobile Banking PIN
3) On the menu pick option 4-ZIPIT ‘SEND’
4) Choose the recipient’s bank
5) Enter recipient’s account number
6) Check all details are correct
Terms and Conditions apply.