BSP forcasts about 80,000 users of Visa, Mastercards

Business

BANK South Pacific is expecting to double the number of Visa debit and Mastercard customers to about 80,000 in a year’s time, chief executive Robin Fleming says.
He said the optimistic forecast was based on there being no cost associated with issuance and the target market was “universal” in comparison to credit cards.
“BSP has approximately 40,000 Visa debit card and Mastercard customers in Papua New Guinea,” Fleming said.
“We are aiming to double that number over the next 12 months.
“Our Visa cards are debit cards, therefore, a customer is using their own funds when they use our Visa debit cards.
“The target market is far more universal than a credit card.
“With no costs associated with the issue of a Visa debit card, BSP feels that many of our retail customers will see the benefits of having one.”
Fleming said that the new bank cards would help in the transition of its customers and merchants to mobile payments in the future.
“Our new BSP Mastercard chip cards have a new look and feel with an EMV (enabled card acceptance) chip embedded and contactless capabililities,” he said.
“We at BSP are calling it ‘touch and go’.
“This will permit the cardholder to do a certain number of small value Eftpos transactions without having to use a PIN.
“These advancements that BSP is delivering are world-class, both from a risk perspective and an innovative capability viewpoint.”
Fleming noted concerns by Air Niugini chief executive Simon Foo on how Chinese tourists may not be able to use their Union Pay debit cards in Papua New Guinea.
The airline expects an influx of tourist from China with the establishment of flights to Shanghai early next year.
“All our terminals have the capability to accept Union Pay with risk assessments determining which terminals are activated for this capability” Fleming said.

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