THE Retail Electronic Payment System (Reps) has processed over 12 million card payments with a total value of K1.8 billion in its first year of operation, according to the Bank of Papua New Guinea (BPNG).
The system was launched last July, aimed at improving access for card payments throughout the country.
“This is a very strong and positive result,” BPNG Governor Loi Bakani said.
“Along with a multi-lateral agreement that establishes members’ rights and obligations to participate, Reps enables smaller institutions such as savings and loan societies and microbanks to offer card products on an equal basis with the larger institutions, including commercial banks, thereby enabling all licensed financial institutions to offer modern digital payment services,” Bakani said.
Following products and services are now available in PNG during the first year of Reps operation, through respective licensed financial institutions, who were connected to the national switch:
- CASH withdrawals at ATMs;
- BALANCE enquiries at ATMs;
- PURCHASES using EFTPOS terminals;
- PURCHASES plus cashback using EFTPOS terminals; and,
- CASH advances using EFTPOS terminals (a service offered by a small number of financial institutions).
“Reps, together with the Kina Automation Transfer System, encourages modern digital payments to provide efficiency, security and convenience in payments to support financial inclusion and economic growth,” Bakani said.