Customers’ preference for real time payment channels is becoming abundantly clear, as such products continue to register impressive growth in patronage.
The GhIPSS Instant Pay (GIP) platform which enables payments made across different banks to be effected instantly, has been recording impressive growth in volume year on year.
Total volume of GIP transactions from January to September this year rose by over 400 percent to almost 22 million from 4.3 million transactions over the same period in 2020.
Another real time payment channel, Mobile Money Interoperability (MMI) also recorded over 216 percent growth in volume according to the Third Quarter Performance Report by GhIPSS. Total volume of MMI from January to September this year stood at 85.2 million up from 26.9 million transactions.
These sharply contrasts with clearing house channels such as cheques and ACH, which grew by less than 8 percent.
Experts say the huge growth in the volume of these real time payments is probably a pointer to where financial institutions should focus their product offerings.