Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) is set to launch a bank card which has the functionalities of an e-zwich and gh-link card on Wednesday.
The launch is part of efforts to encourage the use of cards for transactions. It is to provide the public with the option of carrying one card with dual functionalities instead of two separate cards.
e-zwich has seen a steady rise in transactions over the past years. In the first half of this year alone, over 5.5 million e-zwich transactions took place, representing an increase of over 51 per cent over the same period in 2018, which was about 3.6 million transactions. The continuous growth in e-zwich transactions suggests that there are several people who use e-zwich cards but also have their regular gh-link cards and are compelled to carry both cards at all times. But with the introduction of the new card, such people can opt for it but still enjoy the functionalities of both.
It is anticipated that more people will be inclined to carry one card and use it regularly than to carry two or more cards each time.
The Chief Executive of GhIPSS, Archie Hesse is positive that the various efforts at promoting electronic payments are yielding positive results and new initiatives will continue to be rolled out to further deepen electronic payments in Ghana.
Although cash transactions continue to dominate, available figures point to a gradual reduction, as the volume of electronic payment transactions see consistent growth. In the first half of this year, the volume of electronic payment transactions monitored by GhIPSS stood at over 16 million compared to 12.2 million transactions for the first half-year of 2018, representing an increase of over 31 per cent.
In order to continue to reduce cash base transactions, various efforts continued to be pursued by key stakeholders such as GhIPSS, the Banks, Fintechs and other related organisations. The launch of the new card is, therefore, one of such efforts to encourage more people to opt for electronic payment channels.