Fri, 22 Oct 2021

SUVA, Jan. 23 (Xinhua) -- The Reserve Bank of Fiji (RBF), Fiji's central bank, said that the volume of ATM transactions in Fiji doubled from 12.6 million transactions in 2010 to 23.2 million at the end of 2019.

According to Fiji's leading news website Fijivillage on Saturday, the RBF said in a statement that Electronic Funds Transfer at Point of Sale (EFTPOS) transactions have tripled since 2010 from 1.8 million transactions to 5.4 million at the end of 2019.

Over the last five years, the usage of internet banking transactions in the island nation rose by 109 percent while the usage of cheques dropped by 57 percent.

The RBF has 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.

The number of customers' actively using mobile money has increased over seven times to 150,000 customers at the end of 2019 from 20,000 customers in 2014. Payments totalling 71.1 million Fijian dollars (about 34.9 million U.S. dollars) were processed through mobile money platforms in 2019 compared to around 13.1 million Fijian dollars (about 6.4 million U.S. dollars) in 2014.

The value of electronic money in circulation has also increased significantly to 32.2 million Fijian dollars (about 15.8 million U.S. dollars) at the end of 2019 compared to about 4.5 million Fijian dollars (about 2.2 million U.S. dollars) five years ago.

In 2010, the RBF issued conditional approvals to Vodafone and Digicel to offer digital wallet services in the island nation 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 fines for traffic violations.

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