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Electronic payments on the rise
Initiatives and achievements
Through the collaboration between the Bank and the payments industry, efforts were made to improve and widen the access to the payments infrastructure, identify and remove barriers to greater adoption of electronic payments, and provide the necessary support to ensure the smooth transition to electronic payments.
Whilst steps were taken to increase the offering and acceptance of all electronic payment services, particular focus was given in recent years to improving the infrastructure to promote greater use of Internet banking services, positioning the debit card as a convenient substitute for cash and as a more cost efficient payment instrument, as well as facilitating the Government to play a lead role in the migration to electronic payments.
These efforts have resulted in many payments which were traditionally made by cash and cheques, being made electronically with plastic cards or through electronic channels. This is demonstrated by the increase in the number of electronic payment transactions made per capita to 50 transactions in 2011 as compared to 14.3 in 2003, and that more than 80% of retail payment transactions are conducted electronically.
While the transition to electronic payments will be gradual and may span several years, efforts would be intensified to encourage the public to use electronic payment methods, with more initiatives to be undertaken in the years to come in tandem with advancements in technology.
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