Bank South Pacific BSP Digital Revolution insights

 Bank South Pacific (BSP) continues to enhance access to banking services for businesses and customers through alternative contactless payments.

The recently endorsed Electronic Transactions Act (ETA) provides, at minimum, assurance and certainty on the legality of digital transactions, which will influence business' trust for digital transactions. In addition to the Private sector, who have a pivotal role in driving digital adoption in the country, the Government must fast track the application of a national standard for development of the appropriate legal frameworks to govern the advancement of a digital-PNG market.  Businesses should be looking to align the required legal and business infrastructure necessary to implement a secure digital commerce marketplace.

PNG consumers are accustomed to a cash-dependent payment ecosystem. Everyday payment for transportations, purchase of fresh produce at local markets, and tithes at churches, are heavily cash based. Financial inclusion programs remain the critical link to reach the unbanked, comprising of over 70 % of the current population, and to influence Papua New Guineans to transition from cash to a digitally inclusive market. BSP's commitment to driving digital adoption is to ensure the majority of the population is reached and can participate as consumers of a digital service.

BSP is a strategic digital enabler in the region and continues to have a strong focus on bespoke digital solutions that meets the unique needs of customers in our markets. Traditional card-based channels such as EFTPoS and ATMs meet the majority of customers banking needs nationwide,  and new alternate payments are driving positive digital adoption trends with BSP Mobile Banking *131# service, BSP e-Commerce online payment solutions and most recently, the introduction of a personal lending app, BSP Customer Self Service App.

Over 90 % of BSP's total banking transaction volumes are processed via a Digital channel. Customers are starting to adopt non-card based payment platforms and this is particularly evident with our BSP Mobile Banking *131# service, which has an anticipated year on year growth of 25%.

BSP Mobile Banking *131# is accessible 24/7 for real time processing of personal transfers, payments to third parties for airline tickets, school fees, utility services and TopUp for electricity, solar energy and airtime for bmobile, Digicel and Telikom mobile services.

Toward the end of October, BSP will launch the "BSP Mobile Merchant" facility, whereby micro-SME businesses will be featured on the mobile platform. The benefits for a Mobile Merchant is real time credit to accounts, an end of day merchant transactions summary as well as an SMS e-receipt, which is sent to both merchant and customer for payments.

BSP is committed to further enhancing self-service for BSP Customers and strongly advocates for customers to access banking services via these platforms and move away as much as possible from the branch network.

For convenient, safe and time saving cashless payments, BSP encourages customers to use our digital banking channels for household consumption payments, such as shopping online for groceries or paying for electricity and TopUp's using through mobile banking.

For more information speak to BSP 24/7 T: 3201212/70301212 E:

Next : Alternative Digital Payment Solution for Sola PayGo Customers in PNG

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