BPNG boosts financial services

THE Bank of PNG (BPNG) has enhanced digital financial services-instant payment transactions and point-of-sale balance inquiries for its members and customers.
BPNG said in a statement that this came under phase 1b of the retail electronic payment system (Reps) which was launched in March 29.
The Central Bank said in its commitment to the financial sector development strategy 2018-2030, it had been promoting the development of the necessary infrastructure and policies in the country to make electronic payments more acceptable and the preferred means of payment rather than cash which was currently dominant and more costly to maintain.
BPNG Governor Loi Bakani said with the existing multilateral interconnection agreements among the Reps members, a customer of MiBank, NCSL and PMBL could transfer money from their bank account to another bank account using their mobile devices via each financial institution’s unstructured supplementary service data mobile banking service.