25.2 C
Accra
Thursday, October 6, 2022

Electronic payments processed by GhIPSS up 120 per cent in Q1

Must Read

President Akufo-Addo chastises DCEs for condoning Galamsey

By: Franklin ASARE-DONKOH President Akufo-Addo has asked his appointees to embrace the government’s tough measures to win the fight against...

Stella Gymaah Larbi, 34, adjudged Ghana’s Most Outstanding Teacher

Madam Stella Gyimaah Larbi, a 34-year-old English Language Teacher from Adenta Community Junior High School (JHS) in the Greater...

US-based NGO, HMI and KTU to establish Christian Medical College

By Juliet Korkor Help Motherland International, HMI a US-based non-governmental organization is in talks with the Koforidua Technical University to...
The volume of electronic payment transactions processed by the Ghana Interbank Payment and Settlement Systems (GhIPSS) saw a huge jump in the first quarter of this year compared to the same period last year.
The volume went up by 120 per cent from 13.1 million in the first quarter of 2020 to 28.8 million over the same period this year, according to the GhIPSS Services Performance for first quarter report
The jump in the volume of transactions means that the number of people who used these electronic payment channels in the first quarter of this year more than doubled, signalling that more people are paying digitally than previously.
GhIPSS and its partners have been pushing the cash-lite agenda over the years, resulting in a year on year increase in the volume of transactions.
But the growth of 120 per cent is significantly higher than previous years, an indication that many people might have turned to electronic payment channels, following the Covid-19 pandemic.
The main drivers of the growth are GhIPSS Instant Pay (GIP) and Mobile Money Interoperability (MMI). These two are real time payments, an indication of customers’ continuous preference for instant payment services.
The GhIPSS first quarter performance report showed that growth in the volume of MMI was up by 293 per cent from 5.13 million to 20.16 million transactions, while GIP recorded a growth of 164 per cent from about 1 million to 2.66 million transactions.
Other services such as cheque, ACH and e-zwich either saw marginal growth or a reduction in the volume of transactions.
Chief Executive of GhIPSS Archie Hesse said the growth showed that more and more people were moving away from cash payments to electronic payments.
He acknowledged that Covid-19 played a role in the growth in volumes but expressed hope that “habits such as paying digitally would be deepened among users”.
The first quarter performance did not include GhQR transactions because the service was not available in the first quarter of 2020.
GhIPSS anticipates that with the addition of QR transactions, higher electronic payment transactions will be recorded and conversely the use of cash will be reducing.
The number of merchants offering GhQR has more than doubled from less than 25,000 at the end of 2020 to over 51, 000 by the end of April this year.
More than 16 institutions, including banks, electronic money issuers and Fintechs have also enabled their customers to make QR payments at various merchant locations nationwide.
SourceGNA

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

President Akufo-Addo chastises DCEs for condoning Galamsey

By: Franklin ASARE-DONKOH President Akufo-Addo has asked his appointees to embrace the government’s tough measures to win the fight against...

Stella Gymaah Larbi, 34, adjudged Ghana’s Most Outstanding Teacher

Madam Stella Gyimaah Larbi, a 34-year-old English Language Teacher from Adenta Community Junior High School (JHS) in the Greater Accra Region has been adjudged...

US-based NGO, HMI and KTU to establish Christian Medical College

By Juliet Korkor Help Motherland International, HMI a US-based non-governmental organization is in talks with the Koforidua Technical University to establish a Christian Medical College...

Transformation of Education begins with Teachers- UNESCO

The transformation of education begins with teachers “You cannot teach today the same way you did yesterday to prepare students for tomorrow” John Dewey. ''The...

It’s Breast Cancer Month; get your breasts checked

By Priscila Asante October is Breast Cancer Awareness Month, an annual campaign to raise awareness on breast cancer and fund research into its causes, treatment,...

More Articles Like This