Discussions continue with RBF and commercial banks about making bank accounts interoperable with digital wallets

The Government is allocating $5 million to facilitate the adoption of EFTPOS (Electronic Funds Transfer at Point of Sale) by all Government ministries and agencies in the next financial year.

Minister for Economy Aiyaz Sayed-Khaiyum says all Ministries and Departments will now be able to provide more convenient payment solutions.

He says this will make transacting business with the government faster and easier for citizens and businesses alike.

Sayed-Khaiyum has revealed the roll-out will initially target Ministries with the highest volume of transactions, such as the Ministry of Lands, Ministry of Justice, Ministry of Health, Department of Immigration and Police before rolling out to all other agencies.

He says they are also looking at rolling out Internet Payment Gateway and digital money wallets under this initiative.

Sayed-Khaiyum says with the passing of the National Payment System, the Government is actively discussing with RBF and commercial banks ways to expeditiously make bank accounts interoperable with digital wallets.