BSP launches new digital payment platform

Business

BANK South Pacific Financial Group Ltd has launched a new digital payment service allowing account holders in PNG to make online payments securely and instantly, without the use of card details.
The bank said the service, BSP Pay, recognised the rapid adoption and increasing trend of digital commerce in the region.
BSP Digital general manager Nuni Kulu said: “In a continuous drive to provide our customers value through enhanced digital banking experiences, the BSP Pay solution provides an avenue for both our business and personal customers to adopt an alternative digital payment solution, one that drives digital inclusivity.
“All you need is your BSP ID (customer identification file number) and a registered mobile number.
“This service will be used to pay for products and services on any registered BSP Pay merchant’s website,” she said.
“The BSP No Card Just Pay is a first of its kind in Papua New Guinea and the Pacific, which offers our customers an affordable online payment service.
“It will stimulate growth in the e-commerce space and provide an appropriate offering for our business community, starting from SME to our large corporations.”
Kulu said consumer behaviour globally had shown that digital transaction channels continue to see a gradual increase in usage.
“With the increasing availability of mobile and internet services in PNG, our consumers have responded equally,” she said.
“The 451 Research, a part of the S&P Global Market Intelligence, has predicted that by next year, digital commerce transactions will witness a compound annual growth rate of more than 20 per cent.
“Hence, BSP aims to ensure that along with this development its up-to-date technology can usher in a new wave of banking experience for customers.
One of BSP small to medium (SME) client and owner of Tapioca Delight, Ginia Sialis, praised the convenience of using the BSP Pay service without a Visa Card as a BSP merchant saying:
“Convenience for our customers is definitely something we strive to provide,” Sialis said.
“We are excited about BSP Pay and it is a game-changer.”