Patronage for Instant Pay and express Direct Credit continues to increase. The two electronic payment channels enable the banking public to have quicker use of their funds.
Instant Pay is an electronic payment system that enables a customer to transfer money from one bank account to another in a different bank and the transfer is effected instantly. Express Direct Credit, on the other hand, enables customers to make or receive payment through their account electronically on the same day through Direct Credit.
These two forms of electronic payments recorded a rise in their volumes during the first quarter of this year compared to the same period last year.
According to the Ghana Interbank Payment and Settlement System First Quarter Industry Performance, Instant Pay (GIP) recorded a growth in volume of about 423.9 percent from 24,227 in the first quarter of 2018 to 126,925 transactions.
Express Direct Credit also recorded a growth of 16.5 percent from 162,774 for the first quarter of 2018 to 189,587 transactions for the same period this year. The 16.5 percent growth is significantly higher than the 4.2 percent growth that regular Direct Credit recorded over the same period.
Instant Pay and express Direct Credit were introduced to give individuals and organisations the option to make or receive payment quicker than the regular channel. It is also intended to give the public confidence that their monies in banks can be accessed and used for urgent payments, without even stepping into the banking halls.
The Chief Executive of Ghana Interbank Payment and Settlement Systems (GhIPSS), Mr. Archie Hesse, said there will be increased public education on these quicker forms of payment to deepen awareness, especially among the unbanked.
He explained that when the unbanked get to know that they can receive or make payment instantly or within the same day with funds lodged at the banks, it could motivate them to open accounts with them. Mr. Hesse encouraged banks to also intensify public education on these electronic payment options, since it could win them customers.