MSMEs to benefit from newly launched BSP eWallet initiative

The Bank of the South Pacific Fiji (BSP) has launched its eWallet initiative, which will allow customers and businesses to make seamless transactions across participating banks and mobile wallet providers through a single QR code.

 

Dubbed ‘BSP eDollar’, the new eWallet allows BSP users to manage their money through an internet banking application, providing easier access to everyday banking transactions without having to visit branches or stand in queues.

 

Chief Information officer Omid Saberi said the initiative was driven by the desire for improving convenience for customers, and interoperability between banks- something that has been a national priority for the Reserve Bank of Fiji and broader financial sector.

 

“The eWallet is a natural progression, because just like your physical wallet and cards, you have access to cash at your disposal”, he said

 

Beyond everyday banking, the initiative could also benefit Micro, Small, and Medium Enterprises (MSMEs), particularly those looking to expand their businesses online.

Saberi said that BSP eDollar allows MSMEs and small merchants to open a merchant account which gives them the ability to receive funds.

 

“Once they have a QR code, they can basically utilise it for customers to scan. It is also interoperable, allowing other bank providers to scan the same QR code [for that MSME] and make payments,” he stated.

 

MSME owners will be able to put their QR codes on their online platforms to receive payments.

 

The accessibility of digital transactions to all vendors remains BSP’s main aim, with work underway to ensure full-circle accessibility, even without internet access.

 

“Consumers and vendors would need to have access to the internet to use this solution but we are working with telcos to provide the ability to access the website or app without having data, making it more accessible to everything,” he shared.

 

The eDollar will also allow local artisans and MSMEs to reach customers through the online ecosystem.

 

“This 100% allows that. Creating your own QR code for payments online opens up receiving and sending funds to everyone at a very minimum cost between accounts outside

 

BSP and no cost for BSP users,” Saberi added.

 

BSP Fiji’s Relieving Country Head, Maikash Ali said that the eDollar is real, everyday banking convenience.

 

“This puts greater control into the hands of our customers, wherever they are.”

 

Reserve Bank of Fiji Governor, Ariff Ali said that this payment system modernisation is never simply a technology project.

 

“Technology provides the platform, but the real transformation occurs in the way people live, businesses operate and economy’s function,” he stated.

 

BSP customers, including MSMEs, can use the app to download a unique QR code.

 

That code can be uploaded to the businesses’ online platforms or displayed at the place of business. BSP has a growing list of merchants who have access to this feature.

 

Customers can use the QR code to pay, even if they are not a BSP customer, as long as they bank with a participating bank or mobile wallet provider. This includes all major banks in Fiji as well as mobile wallets like Vodafone’s M-PAiSA and Digicel’s MyCash.

 

BSP says that there will be a cost per transaction for payments from non BSP accounts.