Fiji saw a remarkable $3 billion in transactions executed through mobile wallets last year, according to Reserve Bank of Fiji (RBF) Governor Ariff Ali. This statistic was shared during his presentation to the Parliamentary Standing Committee on Economic Affairs, which discussed the RBF’s annual reports covering the period from August 2021 to July 2024.
The surge in digital transactions is attributed to advancements in Fiji’s national payment system, including the implementation of the National Payment System Act, 2021, which took effect in September 2022, as well as the modernization of the Real Time Gross Settlement software.
Governor Ali detailed breakdowns of the transactions: $2 billion was transferred in person-to-person transactions, while approximately $850 million was registered for person-to-business transactions—around half of the latter involving QR code payments. Business-to-person transactions accounted for roughly $52 million, and government payments to individuals totaled about $15 million, primarily linked to educational expenses at the start of the school year.
Given the scale of digital transactions now occurring, the RBF is maintaining vigilant oversight to mitigate risks, especially regarding scams and fraudulent activities. Ali emphasized that continuous collaboration with other institutions is crucial to protecting individuals from falling victim to these threats.
This growing trend in mobile wallet usage aligns with broader shifts in Fiji’s financial landscape, notably the increasing adoption of QR code technologies, which have been reported to account for a significant portion of digital transactions and demonstrate the rapid evolution of payment methods that are enhancing financial inclusion across the nation.
A noteworthy development is the integration of mobile payment systems with the banking sector, which enables seamless transactions, ultimately improving financial accessibility for many Fijians. As the country experiences this transition toward a more digital economy, it presents exciting opportunities for economic growth and empowerment within the community.
The positive outlook on these advancements suggests a transformative future for Fiji’s financial ecosystem, where modern technology will continue to play a pivotal role in enhancing the way individuals engage with their finances.
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