By Tapiwanashe Mangwiro.
EcoCash has increased daily and monthly transaction limits for it’s users. The increased transaction limits are for both P2P (peer-to-peer) and P2M(peer-to-merchant) transactions as old limits become costly in this economy.
Considering that more local dollars are now chasing few goods as service providers continue to index in USDs, it sensible that EcoCash has increased the transaction limits. However, the transaction limits for P2M transactions are still too low and don’t make sense.
The most notable thing on the new transaction limits is the addition of a new class of users named ‘Executive Grade’. Whilst this new class can transact to a maximum of $30 000 a day, EcoCash customers who are not linked to a debit card or a bank account can transact up to only $5 000 up from the previous $2 000 limit on any given day.
Customers who are linked to a debit card have their limits increased from $5 000 to $10 000 and those with their EcoCash linked to a bank account can transact for up to $25 000, an increase from $10 000, whilst those not linked to a debit card or a bank account are now allowed to transact up to $20 000 per month which is an increase from $10 000.
If linked to a debit card, customers will be allowed to transact up to $35 000 per month. Previously the limit was $25 000. Customers whose EcoCash wallet are linked to a bank account can now transact up to $150 000 in a month, up from $50 000.
P2P limit for sending money has been increased from $1 000 to $5 000 per transaction. As for merchant payments, the limit still lies low despite being increased by 233% to $10 000. Such a limits keeps people from purchasing even some small goods such as a decent laptop.
The most relieving of all the transaction limit hikes is the bill payment limit which was hiked by 400% to $10 000. This gives customers to pay their rentals in one go rather than costly multiple transactions.
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