COVID-19: GhIPPS reveals instant pay services shot up by 700% in 2020 Q1
- Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) has revealed that the use of its GIP platform shot up by 700% in the First Quarter of 2020
- An estimated 1,007,510 were conducted between January and March 2020, compared to 126,925 transactions during the same period in 2019
- The rise in use of electronic transfer systems is due to the outbreak of the coronavirus
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The Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) has announced a 700% rise in the use of instant pay (GIP) services in the first quarter of the year 2020.
YEN.com.gh has learned that the use of the service jumped to 1,007,510 between January and March 2020, compared to 126,925 transactions during the same period in 2019.
The GhIPPS service allows users to electronically transfer funds from one bank account to another or to a Mobile Money wallet.
READ ALSO: COVID-19: Ghanaians would no longer pay charges on electronic payments - GhIPPS
Per a report by thebftonline.com, several fintechs in Ghana make use of the GIP technology for financial services.
The outbreak of the coronavirus has compelled several people to opt for electronic means of money transfers.
YEN.com.gh earlier reported that banknotes have been identified as a major means through which the virus could spread.
Figures available show that while GIP volumes in February 2020 dropped by 7% compared to January of the same year, the volume of transactions increased in March by 53.6%, when Ghana began to record positive cases of the coronavirus.
According to the Chief Executive Officer (CEO) of GhIPPS, a substantial number of the GIP transactions involve people moving funds from their bank accounts to mobile money wallets of others or themselves.
He went on to say that it implies mobile money wallets have become a convenient form of money transfer for several people.
He expressed hope that GIP will continue to experience growth, especially in this era of COVID-19, as more and more people turn to electronic payment channels.
Meanwhile, in a bid to promote the use of digital payment options as the coronavirus continues to affect hundreds of thousands of people all over the world, Ghanaians would no longer be charged for such transactions.
According to the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS), the aim is to limit the spread of the coronavirus through cash.
The waiver of the fees is set to be introduced from Monday, March 23, 2020, and would apply to any amount, citibusinessnews.com reports.
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Source: YEN.com.gh
