Vodafone’s M-PAiSA mobile wallet has successfully integrated with the national payment system managed by the Reserve Bank of Fiji. The announcement was made by Ariff Ali, the Governor of the Reserve Bank of Fiji, earlier today.
Shailendra Prasad, the head of Vodafone’s Digital Financial Services and eCommerce, stated, “Today marks a significant milestone as we enter into a new era for financial inclusion and accessibility through an integrated and interoperable financial system.” He highlighted that this achievement is the result of years of dedication to offering innovative financial solutions to customers.
With this integration, M-PAiSA users can now transfer money in near real-time between their banks and M-PAiSA accounts. The integration facilitates seamless transactions between all commercial banks, including ANZ, Baroda, Bred, BSP, HFC, and Westpac.
To transfer funds to M-PAiSA, users will need to utilize their bank’s app or internet banking to complete the process. Conversely, transferring money from M-PAiSA to a bank can be done by selecting the “Bank” icon on the M-PAiSA app and entering the necessary beneficiary details.
The launch of the National Payment System signifies the commitment of various financial players to empower citizens and promote economic prosperity for all Fijians, irrespective of geographical challenges.
Reflecting on financial inclusion since the introduction of M-PAiSA in 2010, it is noteworthy that the long-standing figure of 45 percent of Fijians being unbanked or underbanked has drastically decreased; recent estimates suggest this number is now around six percent. Today’s announcement aims to further decrease this statistic as the goal of universal access continues.
The existing connections between banks and the National Payment System, alongside the growing popularity of mobile wallets, are paving the way towards a cashless society. This interconnected system is set to create a more inclusive and effective financial ecosystem.
The connection of M-PAiSA to the National Payment System will significantly benefit individuals by promoting savings, investments, and a prosperous future for families. Additionally, the digital tracking of transactions will provide financiers with valuable insights into a person’s saving and spending behaviors, aiding in credit profiling and fostering a fairer credit market, thus making loans more accessible.
Moreover, this integration will enhance the flow of funds within the economy, spurring increased economic activity. The emphasis moving forward is to embrace this opportunity to enhance financial inclusion, stimulate economic growth, and improve the quality of life for all Fijians.
The National Payment System represents not just a technological enhancement but also a catalyst for positive change, aiming to create an equitable environment where everyone in Fiji has the chance to succeed.