The use of Instant Pay for funds transfers or payments continues to record impressive growth, latest figures from the Ghana Interbank Payment and Settlement Systems (GhIPSS) have shown.
Instant Pay is an electronic payment system that enables a customer to transfer money from one bank account to another of a different bank, and the transfer is effected instantly. Various banks offer Instant Pay on different platforms including Internet and mobile banking platforms while some banks have christened it differently. The generic name in Ghana, however, is GhIPSS Instant Pay (GIP)
According to the GhIPSS 2019 Half Year Industry Performance Report, the volume of the GhIPSS Instant Pay (GIP) transactions shot up to 350,666 between January and June this year, compared to 57,301 recorded over the same period last year. This represents a huge growth of 512 percent.
The growth in patronage of GIP has been consistent. In the first quarter of this year, it grew by 423.9 percent from 24,227 in the first quarter of 2018 to 126,925 transactions. The higher percentage growth in the half-year performance indicates that patronage keeps rising.
Instant Pay, just like other products by GhIPSS, is offered by the banks to the public. However, because the GIP platform enables real instant transfers, many financial institutions and Fintechs are using it to support various other products. It is therefore highly possible that any real-time electronic payment that you make – regardless of any name given to it by the service provider – is running on GIP.
The Instant Pay platform was introduced to make it possible for individuals and businesses to be able to meet urgent payment commitments without the need to physically move to a banking hall. It is part of the major efforts to encourage people to keep their money with banks, knowing that they can access it and make instant payments with their funds even though they are lodged with a bank.
The Chief Executive of GhIPSS, Archie Hesse, is hopeful that patronage for Instant Pay will continue to go up, since there is a real need for it. He urged financial institutions to continue informing their customers about the Instant Pay service’s existence, so that people who need to make or receive funds instantly can resort to it. He stated that GhIPSS will continue to introduce innovative ways of improving the payment system landscape, adding that the public should expect new initiatives soon.