The Reserve Bank of Zimbabwe (RBZ) says the use of electronic transactions is on the rise as shown by a 70 percent increase in the volumes of transactions since June this year.

There is a rise in the depositor confidence on the use of cashless transactions within the economy.

Weekly data from the RBZ made available to the ZBC News shows that values of RTGS transactions per week are hovering at US$950 million.

Automated teller machines (ATMs) are at seven percent in terms of values, mobile phone systems 12 percent, cheques 0.02 percent and RTGS accounting for 70 percent.

Furthermore the uptake of the ATMs in the retail sector is also on the rise, according to the central bank.

The data also shows that point of sale machines (POS) are now at more than 36 000 across the country.

The rise in demand for electronic systems will result in the distribution of more POS machines, notes the central bank.

Monetary authorities are also considering slashing service charges for the electronic transactions.

The move is aimed at increasing confidence as well as easing pressure for hard cash at banking centres across the country.