According to BPNG, the system will deliver efficiency, security and convenience in the National Payments System.
“The REPS will enable entry for financial institutions into the National Payments System (NPS) to offer plastic card and mobile payment services to their customers,” says BPNG.
“This will result in more people and businesses having access to financial services throughout the country, especially outside the main centres.
“Financial institutions that join REPS will enable their customers to do business with a customer of any other connected financial institution.
“This will be either by using a card, mobile phone, internet baking and other digital payment instrument 24 hours a day.”
The Bank of PNG says the Retail Electronic Payments System and Kina Automated Transfer System (KATS) together revolutionize PNG’s National Payments System that will deliver efficiency, security and convenience in payments that is beneficial to the economy and supporting the Government’s medium term goals.
The Kina Automated Transfer System is the heart of the new National Payments System that will move all banks from a paper based interbank payments system to a fully electronic payments system.
KATS will enable banks in PNG to offer the same electronic services as banks overseas do as well as improve the safety and efficiency of the payments system in PNG.