Mr. Archie Hesse, the Chief Executive of GhIPSS, has stated that its instant pay (GIP) outlet recorded almost 600 Percent surge in the first six months of the year in comparison to last year.
The Ghana Interbank Payment and Settlement System, a subsidiary of the Bank of Ghana, in the first its Half Year Performance report, indicated that the volume of GIP transactions at the end of June 2020 stood at 2.45 million compared to 350,666 for the same period in 2019.
Similarly, the volume of GIP transactions moved from 7,181 in the first half of 2017 to 53,201 in the first half of this year, up by a massive 698 percent.
Also, the value of transaction escalated from GH¢16.5 million to GH¢150.2 million, representing a surge to 812 percent.
Mr. Hesse said that the consistent growth in GIP transactions was largely because it had allowed people to make and receive payments instantly even without the need to move to a banking hall, which has caused its performance ratings to go high.
“With increasing advocacy for electronic payment options due to the coronavirus pandemic, it is anticipated that GIP will continue to enjoy high usage”.
Archie Hesse
He further indicated GhIPSS would improve public education on GIP to ensure that more people are aware of the service and use it to make payments more convenient and efficient.
In expressing his delight over the performance of GIP, Mr. Hesse said the platform will continue to record growth in patronage as more people turn to electronic forms of payments.
Mr. Hesse expressed the hope that with GIP and Mobile Money Interoperability, two very important payment interventions, will reach a significant number of people outside the banking sector.
GhIPSS QR code payment
Meanwhile, in an interaction with the media, Mr. Hesse spoke of the planned launch of a universal QR code payment, which would ensure customers used their phones to scan merchants QR codes and made instant payments.
Another real time product for the year is christened Proxy Pay. This service will link individual customers’ phone number to a bank account, such that payments can be made instantly by just typing in the phone number instead of the 13 digit account number.
However, for corporate organizations, their bank accounts will be linked to their names so that one can just type in a company’s name and effect payments electronically.
The GhIPSS also intends to launch Request to Pay, which will enable customers to make payments when they receive bills from their service providers.
These bills will be received through SMS text message with options for the customer to approve payment with funds from their bank account.
These real time payments are expected to create more convenience for customers and ensure security of their payment transactions.
