Bank South Pacific launches new product for payment

Consumer behaviour globally has shown that digital transaction channels continue to see a gradual increase in usage

Papua New Guinea’s leading bank has included a new way of payment for its customers to get services or products.

In a statement the company says it recognises the rapid adoption and increasing trend of digital in the region.

The BSP Financial Group Limited (BSP) is introducing the new digital payment service, BSP Pay, which allows any BSP account holder in PNG to make payments online securely and instantly, without the use of card details.

BSP Digital General Manager Nuni Kulu when launching the new payment service said: “In a continuous drive to provide our customers value through enhanced digital banking experiences, the BSP Pay solution provides an avenue for both our Business and Personal customers to adopt an alternative digital payment solution. One that drives digital inclusivity.”

All you need is your BSP ID (Customer Identification File Number) and a registered mobile number. This service will used to pay for products and services on any registered BSP Pay merchant’s website.

No Card Just Pay is a first of its kind in Papua New Guinea and the Pacific, which offers our customers an affordable online payment service. The BSP Pay No Card Just Pay solution will stimulate growth in the eCommerce space and provide an appropriate offering for our business community, starting from SME to our Large Corporates,” said Kulu.

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She said that consumer behaviour globally has shown that digital transaction channels continue to see a gradual increase in usage.

“With the increasing availability of mobile and internet services in PNG, our consumers have responded equally,” Kulu said.

The 451 Research, a part of the S&P Global Market Intelligence, has predicted that by 2022, digital commerce transactions will witness a compound annual growth rate of more than 20 per cent. Hence, BSP aims to ensure that along with this development its up-to-date technology can usher in a new wave of banking experience for customers.

Aligning to these trends and research insights, BSP aims to continue to deliver relevant digital payment solution suitable for our mass market, such as BSP Pay and to continue to enhance its current digital channels.

One of BSP SME client and owner of Tapioca Delight Ginia Sialis, expressed the convenience of using the BSP Pay service without a VISA Card as a BSP merchant saying, “Convenience for our customers is definitely something we strive to provide. We are excited about BSP Pay and it is a game-changer in managing cash flow, paying suppliers faster and enhance business growth. Thank you for making the digital experience fast, safe and modern.”


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