BPNG endorses payment system

 THE Bank of Papua New Guinea has endorsed the revised version of the national payment system strategy which it is going to implement, a meeting has been told.

The strategy is to come up with a transaction or payment system that is reliable, less costly and efficient for transactions.      

The revised Strategy and Action Plan for the Development of the PNG National Payments System 2015-2018 was approved in October.

It was presented at a breakfast meeting at the Bank’s headquarters in Port Moresby last Friday.

The meeting was attended by heads of telecommunication companies, financial institutions and Government officials.Andrew Mason, a consultant with the BPNG since the inception of the payment system strategy in 2009, said considerable progress had been made since its inception.

He said more was needed to be done in the revised one for a better payment system which would work well for everyone.

Mason said payment was very important because it was a lubricant of the economy.

Therefore the development of a better payment strategy was crucial.

He said the aim of the financial strategy was to make the payment system more reliable and less costly so that people could do their transactions.