Trends in digital banking services around the world suggest that payments are evolving from cash and card payments to Electronic Transfers.
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| Nuni Kulu explains BSP Digital Payment Rails . Photo by BSP |
BSP Financial Group General Manager Digital, Digital Insights Nuni Kulu says that an ever-present customer need is a continuous search for a convenient way to make payment.
Kulu said the simple exchange of value from one party to another has been refined with technology to make ease of payments convenient the primary experience for consumers. Moving away from traditional payment methods to electronic payment options, the competitive edge comes down to the ability to pay instantly, securely, and with ease.
“With the aim to reach a wider customer base of 2.5m account holders across PNG, BSP’s bespoke Consumer to Business (C2B) digital payment solutions, BSP Mobile Merchants and more recently, the BSP Pay Service, BSP’s solution to a Domestic Online Payment Gateway reaffirms the Bank’s strong focus on cheaper alternative payments for both merchants and customers," said Kulu.
“In developing an alternative payment rail, and leveraging BSP’s enterprise network, there are new opportunities to allow digital offering to reach all customer segments. For consumers, it allows a customer to make a seamless instant non-card payment to an online merchant or a BSP Mobile merchant.
“Automated Clearing House (ACH) volumes have increased as a result of the pandemic, as per the National Automated Clearing House Association (NACHA).
Kulu elaborated that in a similar manner, alternative payments extend to interbank transfers bringing to light the core infrastructure around National Payment Rails, the Retail Electronic Payments Systems (REPS) in PNG is regulated and solely facilitated by the central bank (Bank of PNG).
“BSP integration to REPS, as the National payment rails, allows interoperability and seamless payments among financial service providers and will enable new digital channel payments, not necessarily restricted to cash and cheques and to be facilitated via Eftpos and ATMs transactions. BSP Acquiring with global schemes Visa, MasterCard, American Express, and Union Pay International means from a global market reach and access perspective, cardholders globally can make payments online or in-person when visiting PNG for work, tourism, and leisure.
“Ultimately, the ability to pay takes precedence in our efforts to provide convenient services, and BSP is focused on creating an enabling payment environment that is pragmatic and suitable to our market, as well as developing payment solutions (Alternative/Scheme) to every need of our diversified customer base within urban and rural sectors in PNG and throughout the Pacific region”.
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