Archie Hesse
Many customers of banks are exercising the option of using Instant Pay to transfer funds or make payments from their bank accounts.
The Instant Pay, as the name suggests, makes such interbank transfers and payments instant.
Money can immediately be transferred and the recipient can access it.
Instant Pay is currently the fastest way to transfer funds or make payment from one bank account to another of a different bank, and it was introduced to create convenience to bank customers and facilitate quick payment.
Since its introduction a little over two years ago, patronage has been going up significantly.
Last year the volume of Instant Pay transactions went up by 244 percent over the 2017 figure, according to an end of year report released by the Ghana Interbank Payment and Settlement Systems (GhIPSS).
In its first year of operation in 2016, only 184 Instant Pay transactions took place.
This was largely because the service was introduced in the later part of that year.
However, patronage grew to 41,795 transactions in 2017 and further up to 143,879 transactions in 2018.
Instant Pay Service is offered by the banks and currently most of the major banks provide the service.
While some banks offer the Instant Pay Service through their internet banking portals, others do it through their mobile banking portal.
Some of the banks, however, offer the Instant Pay Service on both the mobile banking and internet banking portals.
GhIPSS Instant Pay is the generic name, but various banks call it by different names.
The introduction of the Instant Pay Service is greatly enhancing business transaction, as businesses are able to make and receive payments instantly through their bank accounts to support the quick turnaround of their goods.
Chief Executive Officer (CEO) of GhIPSS, Archie Hesse, said globally payments are gravitating towards instant payment.
He explained that because the service can be accessed electronically, it creates convenience for customers, as they can perform instant payment transactions from their bank account without moving an inch.
While volume of transaction grew by 244 percent in 2018, the growth in value of transaction was much higher at 542 percent.
The more than proportionate growth in the value compared to the volume suggests that the payment system is trusted by customers and are therefore using it for higher value transactions, Mr. Hesse explained.
He revealed that Instant Pay is an important service that ensures quick, convenient but secure movement of funds in the economy.
Mr. Hesse urged the public to continue to keep their money in the banking system because it can now be easily and quickly moved around to address their business needs.