THE ELECTRONIC FUNDS TRANSFERS SWITCH-ATMs & POS

THE ELECTRONIC FUNDS TRANSFERS SWITCH
The EFT switch comprises a network of Auto teller Machines (ATMs) and Point of Sale (POS) devices that use the smart card technology to effect payments and the general transfer of funds from one point to another using the EFT switch.




The Smart Card

• The card is used as an e-wallet for payment at various retailers and utility companies. This offers convenience for the cardholder and security for the retailer.
• Companies can pay out salaries to their banked and un-banked employees. This provides a convenient means of saving money for the employee while the company benefits by eliminating the risks and time spent involved with paying out cash.
• This enables card holders to send money from one card to another at any MALSWITCH enabled ATM in a matter of minutes. All that is required is for the sender to have money on his/her card and the recipient's card number.
• This is a new solution that issues a standing instruction to the smart card thereby enabling prompt payment of fixed premiums, utility bills etc.
• This facility enables the cardholder to load value on their card in exchange for cash. This service is available at some participating banks and MALSWITCH offices in Blantyre and Lilongwe. For card holders with bank accounts at  , Nedbank and indebank, they can also load funds onto their cards from their accounts through any MASWITCH enabled ATM.
• The smart card can also be used as an ATM card to withdraw money from ones account. Withdrawals can either be in the form of cash or from the account to the smart card.
• Currently  and   have special cards which they issue to their clientele. These cards can be used as loyalty cards to reward regular clients.
• have started using their smart card as an ID by affixing a photograph of the card holder in addition to the biometric templates embedded on the card

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