The Ghana Interbank Payment and Settlement Systems (GhIPSS) says it is upbeat about the country’s drive towards a cash-lite regime.
He said the various interventions being made by GhIPSS and other stakeholders in the industry was an indication that the country was on course.
Speaking at the launch of the ‘gh-link e-Commerce’ and GhIPSS Instant Pay in Accra yesterday, Mr. Archie Hesse, Chief Executive Officer, GhIPSS said as technology continued to drive people’s lifestyles and business processes, payment systems need to evolve alongside to provide commensurate solutions which meet both business and individual needs.
Throwing more light on the two new products, he said the gh-link e-commerce would provide the platform for local businesses both in commerce and the service industry, government agencies among others to receive payments and donations online from domestic ATM cards.
He said the institutions only needed to have a website and must also be set up to receive payments online.
He said the GhIPSS Instant Pay on the other hand, would make it possible for individuals and companies to transfer funds from their bank accounts to the bank account of a beneficiary in another bank instantly.
“It is our expectation that these two services will enhance payment relationships between educational institutions and their students, utilities, service providers and commercial entities and their customers, government and the general public, suppliers and their distributors,” he said.
Mr. Hesse said it was gratifying to observe the fledging e-commerce industry in Ghana with the recent upsurge in businesses offering goods for sale online.
“Nonetheless there are teeting issues with how customers pay. Today, we are confident that by enabling the domestic ATM to be accepted for payment online, a major void has been filled. This should serve as an encouragement for potential ecommerce companies to start re-aligning business strategy in future,” Mr. Hesse said.
He said ecommerce has the potential to expand the economy by creating jobs in courier, shipping, the IT services industry and expressed hope that they would seize the opportunity.
“On our part, we can assure you of out continuous efforts to ensure the security of all transactions and in this connection, we have implemented a cardholder authentication system, modeled on 3D secure technology, to ensure the cardholder is protected from fraud and also reduce the incidences of chargeback for online merchants,” he said.
The Governor of the Bank of Ghana, Dr. Henry Kofi Wampah, who launched the products said mobile money networks have an important role to play in ensuring a cash-lite society.
He said it was in this direction that the bank of Ghana recently announced regulations to strengthen the operations of mobile money and to ensure the protection of customers.
Dr. Wampah said the launch of the two products would extend the frontiers of cashless society and urged companies, government agencies and the private sector to take advantage to promote e-commerce.