Patronage of Instant Pay sees marked improvement

Mr. Hesse

Mr. Hesse

Patronage for Instant Pay has witnessed significant surge indicating public interest in the electronic payment system.

Latest figure from Ghana Interbank Payment system (GhIPSS) has revealed that in the first quarter of this year, 1,254 Instant Pay transactions took place.

The first quarter figure number went up by some 472.6 per cent to 7,181 transactions by the end of the second quarter.

The value of the transactions was worth about 5.5 million Ghana cedis in the first quarter and over 16 million Ghana cedis by the end of the second quarter, a growth of almost 200 per cent.

Speaking in an interview Mr. Archie Hesse, the Chief Executive Officer of GhIPSS said Instant Pay is “as good as cash but even more secured”.

He explained that with the service, money in the bank account could be quickly moved around even faster than cash, urging the public to request for it anytime they needed to make quick payments.

“Banks are offering instant pay as internet banking and on mobile phones so you don’t need to step out to send huge or small sums of money and the recipient will get it immediately,” he added.

Mr. Hesse said Instant Pay would boost confidence in the banking system as it empowers customers to send and receive money instantly, although the funds are actually held in their bank accounts.

He therefore urged the banks to continue to create awareness as it could form strong basis to rope in the unbanked, particularly those in the vibrant informal sector.

The Instant Pay service is the latest initiative by the Ghana Interbank Payment system that allows the transfer of funds from one account to another of a different bank in a matter of seconds.

GIP went live late last year and has been recording impressive patronage by the banking public.

Most of the banks have customised the service and allow their customers to use both online and mobile phone applications to access it.

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