Business News of 2014-07-15

GhIPSS introduces hybrid point of sale device

The Chief Executive Officer of the Ghana Interbank Payment and Settlement Systems limited (GhIPSS), Mr Archie Hesse, has said his outfit has come out with a hybrid point of sale (PoS) device that can accept both e-zwich card and note that local cards.
He said there were about 2,000 of the PoS adding that GhIPSS was ready to partner with the banks to deploy to the locations so individuals could go to the merchants and start shopping directly with them. The e-zwich payment system is an innovative method for improving accessibility to banking and retail services in Ghana.
Speaking at the launch of the 13th Ghana Banking in Accra on June 9, he said should all the banks offer e-zwich services, individuals were likely to own the card and go to the banks for the funds as and when they needed it. “Also, if everybody owned an e-zwich card, the merchants will automatically have PoS devices and we don’t have to even pay for them,” he added.
“So the onus lies on the banks, and noted that it is surprising that to date, some banks still think the e-zwich is in competition with their products. There are some banks that still believe that the float on the card is at GhIPSS or it is at the central bank and not the bank end,” he said.
He said the benefit of using e-zwich far outweighed the teething issues, especially looking at the fact that the amount of fraud with regards to the card system was high. Therefore, he noted any move to let the public know about its importance will go far.
“It is has been six years now and the amount of fraud with e-zwich is nil because there is no one else who can access your card; It is biometric and there is a lot of security,” he said.
He said considering the opportunity cost of what would have been lost in the course of offering a card that is foreign and is not often used by customers, the e-zwich is better.
“How many people travel outside Ghana to use their visa cards? but then banks are prepared to pay a huge amount of money to Visa and give the card to individuals for prestige purposes. In every country, they have their own local cards, go to Canada, Australia and the rest so why can’t we have ours and make it local,” he said.
According to Mr Hesse, gangsters are able to commit crime even outside a country because often times, card systems are not localised but since e-zwich is localised, it will reduce crime.
He said a lot of education had to be done at the individual, bank, corporate and merchants level, and particularly, with the media as collaborators, the objectives may be met. Mr Hesse said although GhIPSS was an infrastructure company, it was ready to assist banks to use their platforms to serve their clients.