M-paisa and MyCash users in Fiji can now transfer money between their bank accounts and mobile wallets, as Vodafone Fiji Limited and Digicel Pacific recently introduced the third phase of integrating Mobile Network Operators into the National Payment System Architecture in Suva.
This new development allows customers to send funds directly between their bank accounts and their M-paisa or MyCash accounts seamlessly. Anup Kumar, Head of Mobile Financial Services at Digicel Pacific, stated that this initiative has significantly streamlined cash management for many users, eliminating the need to stand in long queues at banks for transfers.
Shalendra Prasad, Head of E-Commerce and Digital Financial Services at Vodafone Fiji Limited, mentioned that the process is straightforward, making it user-friendly for smartphone holders. Users transferring money to M-paisa can simply use their banking apps or online banking services, select M-paisa as the recipient, input beneficiary details and the desired amount, and confirm the transaction with a PIN.
Prasad highlighted that this phase promotes transparency and clear communication between banks and clients, allowing for digital tracking of transactions to provide credit institutions with visibility into customers’ savings and spending activities on M-paisa and MyCash.
The launch aims to enhance accessibility for all smartphone users and facilitate a more efficient capital flow within the economy, fostering increased economic activity through its multiplier effect.