Use of electronic payment channels sees 81% growth in 2020 1st quarter – GhIPSS

The volume of transactions done electronically through the Ghana Interbank Payment and Settlement Systems (GhIPSS) platform has increased by 81 percent in the first quarter of this year compared to the same period last year.

This is according to latest figures from the Ghana Interbank Payment and Settlement Systems (GhIPSS).

The latest figure shows that the total volume of transactions spanning January to March 2020, stood at over 13 million cedis compared to about 7.2 million transactions in the same period of 2019.

A statement released by the Chief Executive of Ghana Interbank Payment and Settlement Systems (GhIPSS), Archie Hesse, described the growth as a very important indication of how people are gradually embracing electronic payments.

“The transactions captured in the GhIPSS product performance report include electronic clearing of cheques, Automated Clearing House (ACH), e-zwich and gh-link. The rest are GhIPSS Instant Pay and Mobile Money Interoperability,” he said.

“While the total volume of all the transactions put together went up by 81 percent, specific channels such as GhIPSS Instant Pay saw a huge growth of almost 700 percent while Mobile Money Interoperability grew by over 350 percent, in the first quarter,” he added.

The service was introduced in May, 2018, recording about 100,000 transactions in its first few weeks.

With the introduction of electronic payments in the country, customers are now able to make transactions or pay for goods and services through an electronic medium, without the use of cheques or cash.

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