Mobile payments and point of sale transactions have surged by a significant margin compared to last year as business embrace the use of plastic money.
Burdened by a liquidity challenge that has stretched for over two years, the retail sector has withstood these macro economic pressures to stay in business.
One of the measures adopted by the retail industry to circumvent demand for hard cash was the wider adoption and usage of plastic money which has significantly grown with revelations showing an impressive uptake of 75 percent according to statistics by the Reserve Bank of Zimbabwe.
At the 2017 retailers awards held in the capital Thursday (yesterday) night, guest of honour RBZ director financial market Mr Azvinandawa Saburi said such uptake is encouraging for the monetary authorities who have been at the forefront of promoting electronic transactions.
While electronic payments have brought convenience in payments, the retail sector still bemoans shortages of foreign currency which has affected their pricing models as most source the currency at a premium.
A number of companies across retail and wholesale industries were honoured for their resilience over the last years.
The retailers awards attracted over 200 delegates and were held to recognise and reward outstanding retailers and suppliers from the retail sector and to honour retail players for the critical role they have played to sustain the economy.