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QR code transactions take off From 3.4m to 6.3m

Fiji’s QR Code Revolution: How Digital Payments are Changing the Game

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Payments using QR codes have gained significant traction in Fiji, with transaction numbers skyrocketing from 3.4 million in 2022 to an impressive 6.3 million in 2023, as reported by the Reserve Bank of Fiji (RBF). This surge highlights the growing integration of digital technologies in Fiji’s financial landscape.

Uraia Makulau, an analyst from RBF’s Financial System Development Group, emphasized the positive influence of QR code technology, which now accounts for approximately 2.5 percent of the nation’s Gross Domestic Product (GDP). He noted that QR code payments are favored for their accessibility, efficiency, and versatility.

To further enhance the adoption of QR payments, RBF, in collaboration with the Asian Development Bank (ADB), is working on a project to standardize QR codes among merchants. This initiative aims to facilitate seamless transactions, lower costs, and promote financial inclusion, ultimately contributing to economic growth.

Security is a key focus, with RBF ensuring that robust protective measures are implemented to guard against fraud. This includes the application of encryption, anti-fraud protocols, and strong verification processes that display the intended payer’s name and provide real-time payment notifications. Public trust in digital systems is paramount, and RBF plans to launch awareness campaigns to educate consumers about the security and advantages of standardized QR payments.

With a young and tech-savvy population, along with a rising penetration of smartphones, the potential for digital payment expansion in Fiji appears vast. The positive trends in QR code transactions signal a promising future for financial integration and accessibility in the island nation.

In summary, Fiji’s move towards embracing QR code payments not only reflects a shift towards modern payment methods but also paves the way for enhanced economic growth and financial inclusion in the country.

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