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ATM transactions have doubled in the last decade while usage of cheques fell by 57%

ATM transactions have doubled in the last decade while usage of cheques fell by 57%

By Dhanjay Deo
Saturday 23/01/2021
[Image: File Photo]

The volume of ATM transactions in Fiji doubled from 12.6 million transactions in 2010 to 23.2 million at the end of 2019.

This is according to the Reserve Bank of Fiji’s presentation to the Parliamentary Standing Committee on Justice, Law and Human Rights on the National Payment Systems Bill 2020.

RBF’s Governor, Ariff Ali says EFTPOS transactions have tripled since 2010, from 1.8 million transactions to 5.4 million at the end of 2019.

In the last 5 years, the usage of internet banking transactions grew by 109%.

Over the same period, the usage of cheques fell by 57%.

In 2010 the RBF, with its limited licensing powers over payment systems, issued conditional approvals to Vodafone and Digicel to offer digital wallet services in the country through their M-PAiSA and Digicel Mobile Money products.

These digital wallet solutions allow customers to make person-to-person cash transfers, purchase goods and services from selected merchants, add to their Unit Trust investments and make a range of bill payments including town rates and LTA fines.

Ali says they have witnessed an eight-fold increase in the volume of mobile money payments, from 0.3 million in 2011 to 2.3 million transactions in 2019.

Similarly, the number of customers’ actively using mobile money has grown over 7 times to 150,000 customers at the end of 2019 from 20,000 customers in 2014.

Payments totalling $71.1 million were processed through mobile money platforms in 2019 compared to around $13.1 million in 2014.

The value of electronic money in circulation has also increased significantly to $32.2 million at the end of 2019 compared to around $4.5 million five years ago.

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