In a positive development for users of M-paisa and MyCash across the nation, they can now transfer funds between their bank accounts and mobile wallets.
Vodafone Fiji Limited and Digicel Pacific officially launched the third phase of the onboarding of Mobile Network Operators into the National Payment System Architecture in Suva.
This new feature allows customers to directly send money from their bank accounts to their M-paisa and MyCash accounts and vice versa.
Anup Kumar, Digicel Pacific’s Head of Mobile Financial Services, noted 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 compared to before, they do not need to line up in long lines to withdraw from banks and send into their M-paisa and MyCash. Now it has been made easier.”
Shalendra Prasad, Head of E-Commerce and Digital Financial Services at Vodafone Fiji Limited, emphasized that the new process is straightforward enough for smartphone users to navigate without concern. He explained, “If one wants to move money from the banks to M-paisa, they can go to the appropriate banking apps or internet banking and select M-paisa as the option to send money to, add the beneficiary details and account number as well as the amount and then enter the pin to send.”
Prasad also highlighted that this phase promotes clear communication and transparency between banks and clients. It facilitates digital tracking of transactions, providing users with proof of their savings and spending on M-paisa and MyCash.
Furthermore, this initiative is expected to benefit not only smartphone users but also enhance the flow of capital within the economy, thereby boosting economic activity through the multiplier effect.