M-paisa and MyCash users across the country received positive news as they can now transfer money between their bank accounts and mobile wallets.
Vodafone Fiji Limited and Digicel Pacific have unveiled the third phase of their On-Boarding of Mobile Network Operators into the National Payment System Architecture in Suva.
Customers now have the ability to send funds directly from their bank accounts to their M-paisa and MyCash accounts, and the process works in reverse as well.
Anup Kumar, Head of Mobile Financial Services at Digicel Pacific, indicated that the launch significantly simplifies cash management for many clients. He stated, “Today’s launch has made handling cash for many people much easier because, unlike before, they no longer need to queue for long hours at banks to withdraw and transfer money to their M-paisa and MyCash wallets.”
Shalendra Prasad, Head of E-Commerce and Digital Financial Services at Vodafone Fiji Limited, emphasized that the straightforward processes mean smartphone users won’t have to worry about the technicalities. He explained, “To transfer money from banks to M-paisa, users just need to access the relevant banking apps or use internet banking, select M-paisa as the option for the transfer, provide the beneficiary details, account number, and amount, and then confirm with their PIN.”
Prasad further noted that this phase fosters clear communication and transparency between banks and their customers, stating, “It also allows for digital tracking of transactions, enabling customers to demonstrate to credit institutions their saving and spending activities on both M-paisa and MyCash.”
Moreover, this new phase is set to benefit not only smartphone users but also to facilitate a more efficient flow of capital within the economy, ultimately boosting economic activity through the multiplier effect.