Th National Payment System Bill 2020 will create a modern, efficient and reliable payment infrastructure once passed in Parliament.
This, according to the Reserve Bank of Fiji (RBF)while making submissions before the Parliamentary Standing Committee on Justice, Law and Human Rights last week, adding it was a major reform that would revolutionise a critical part of everyday commerce and industry.
The RBF stated businesses would see a decline in cash handling and administration costs.
“The overall reform is aimed at making a positive holistic impact on Fiji’s payment ecosystem,” the RBF stated.
“As the national payment system develops, the experience for payment system participants is expected to improve.
“Businesses are expected to see efficiencies in operations, including declining cash-handling costs and lower administration costs, due to increased interoperability between payment system providers, leading to a decline in perceptions of payments as a barrier to doing business.”
The RBF stated end users would gain access to a greater variety of products that was expected to “positively impact the lives and welfare of all Fijians”.
