THE Bank of Papua New Guinea has signed a contract with the Swiss company BPC Banking Technologies for the supply and installation of a national card and mobile payments switch.
It is the first step towards implementing the Retail Electronic Payments System (REPS), an initiative launched by the bank in 2015, as the next phase in the development of the National Payment System and its drive for financial inclusion in PNG.
REPS followed the successful implementation of the KATS inter-bank electronic payment system which began in February 2015.
BPNG said KATS hads shortened cheque-clearance times and provided electronic direct credits between PNG bank accounts.
“By enabling full electronic payments, KATS greatly improved financial services offered by banks to their customers.
“It provided the PNG economy with a secure, efficient and reliable domestic payment system and set, a solid foundation for future innovation in payments technology, including growth opportunities for Fintech digital financial services.
“REPS will allow microfinance companies and microbanks, Savings and Loans Societies and other smaller financial institutions entry into the NPS to offer plastic card and mobile payment services to their customers, so that more people and businesses will have access to financial services throughout PNG, particularly among the rural areas.”
Source: The National