Globally, electronic payment volumes are increasing at approximately 10% annually. With growth of online business to customer (B2C) sales, electronic payments for the average PNG consumer will reach double-digit growth, likely by 2022. Digital financial service ecosystem depends fundamentally on supporting structures of an enabling environment and a solid level of infrastructure readiness.
BSP is committed as a digital enabler in the market to providing local businesses with cost effective and streamlined payment solutions, which will help stimulate the economy through domestic and global commerce.
Since inception in 2012, the BSP e-Commerce payment platform has transformed the accustomed way of doing business in PNG, as merchants now have an expanded reach to markets beyond their geographical location and more importantly receive instant payments with ease of reconciliation.
For customers looking to purchase from merchants online, this offers more convenience of 24/7 browsing and they can take their time to choose goods and services, in the comfort of their home or office, via a laptop or a smartphone.
The increasing demand for convenient payments has influenced various industries such as retail, telecommunications, private and public sector agencies to adopt online payment solutions.
BSP has launched online payment service for key businesses in PNG like bmobile, PNG Immigration & Citizenship Service Authority (PNGICA), Tapioca Delight, Ticket Bilum, Niugini Geeks and most recently, PHA Health Insurance, PNG JiveMarket, PNG Fishing Tackle, and Food Pro PNG. The level of interest is very promising and reflects from business as well as governments, increasing appetite to move to cashless digital financial services.
The growing segment seeking online merchants' services are MSME merchants and new local entrants with products specific for a niche market, which reflects a growing interest for alternate and accessible payment options.
The decision to go with an e-commerce payment solution requires businesses to adapt to changing their internal systems to incorporate also their suppliers' and the delivery platforms for their customers. Adding to the ease of doing business, e-commerce offers flexibility of managing a business anywhere, without the necessary overheads of being in one physical location.