Electronic Payments To Double By 2022
Electronic payments for the average PNG consumer are likely to reach double- growth in 2022.
In a statement released yesterday on e-payment growth, Bank South Pacific pointed out that the digital financial service ecosystem depends fundamentally on supporting structures of an enabling environment and a solid level of infrastructure readiness.
BSP indicated its commitment to enhancing payment system for businesses and customers in the country, expanding from cards to contactless payments on EFTPOS, mobile and internet banking anytime anywhere and is now offering merchants an e-commerce payment platform.
Globally, electronic payment volumes are increasing at approximately 10 per cent annually.
As a digital enabler in the market, it affirmed providing local businesses with cost effective and streamlined payment solutions, which will help stimulate the economy through domestic and global commerce.
Since inception in 2012, the BSP e-commerce payment platform has transformed the accustomed way of doing business in PNG, as merchants now have an expanded reach to markets beyond their geographical location and more importantly receive instant payments with ease of reconciliation.
Adding that for customers looking to purchase from merchants online, this offers more convenience of 24/7 browsing and they can take their time to choose goods and services, in the comfort of their home or office, via a laptop or a smartphone.
The increasing demand for convenient payments has influenced various industries such as retail, telecommunications, private and public sector agencies to adopt online payment solutions.
BSP launched online payment service for key businesses locally like bmobile, PNG Immigration & Citizenship Service Authority (PNGICA), Tapioca Delight, Ticket Bilum, Niugini Geeks and most recently, PHA Health Insurance, PNG JiveMarket, PNG Fishing Tackle, and Food Pro PNG.
The level of interest is very promising and reflects from business as well as governments, increasing appetite to move to cashless digital financial services.
The growing segment seeking online merchants’ services are MSME merchants and new local entrants with products specific for a niche market, which reflects a growing interest in alternate and accessible payment options.
It concluded that in addition to ease of doing business, e-commerce offers the flexibility of managing a business anywhere, without the necessary overheads of being in one physical location.