BSP continues to enhance payment system, says official


BANK South Pacific’s Head of Digital Banking Nuni Kulu says the bank continues to enhance payment system for businesses and customers in the country.
The bank is expanding from cards to contactless payments on Eftpos, mobile and internet banking anytime anywhere payments, and now offering merchants an e-commerce payment platform.
“Globally, electronic payment volumes are increasing at approximately 10 per cent annually,” she said.
“With growth of online business to customer sales, electronic payments for the average PNG consumer will reach double-digit growth, likely by 2022.
“Digital financial service ecosystem depends fundamentally on supporting structures of an enabling environment and a solid level of infrastructure readiness.
“BSP is committed as a digital enabler in the market to 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.”
Kulu said the increasing demand for convenient payments influenced various industries such as retail, telecommunications, private and public sector agencies to adopt online payment solutions.
BSP has launched online payment service for key businesses such as bmobile, PNG Immigration and Citizenship Service Authority, Tapioca Delight, Ticket Bilum, Niugini Geeks and, most recently, PHA Health Insurance, PNG JiveMarket, PNG Fishing Tackle and Food Pro PNG.


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