EDITORIAL: Move to Paperless, Cashless society
It seems like everybody is looking forward to January 1, 2019.
The move that begins on New Year’s day would in one way or another transform our lives for the better as we move towards a cashless and paperless society.
Yes that’s right our local commercial banks will be removing their EFTPOS purchase transaction fee.
This is also one way in which the Association of Banks in Fiji are committed to provide services that are accessible, inexpensive and convenient.
It is in line with Government’s initiative, announced in the 2018-2019 National Budget, where ANZ Bank, Westpac Bank, BRED Bank, HFC Bank, Bank South Pacific and Bank of Baroda will be offering unlimited free EFTPOS purchase transactions for local Debit Card holders (commonly known as ATM access cards).
The Association of Banks in Fiji supports Government’s initiative for a cashless and financially-inclusive society where businesses are able to offer electronic transactions to more Fijians.
This initiative will also greatly assist in terms of promoting and supporting a Green Society.
Fijian Competition and Consumer Commission (FCCC) chief executive officer Joel Abraham commended the move by Government, which is expected to benefit thousands of Fijians who purchase products in outlets across the country daily.
“Our people can now shop using debit cards without the burden of added transaction costs. Ultimately, this results in more savings for Fijians and their families,” said Mr Abraham.
“This is a first step for the Fijian economy as we transition towards a cashless economy, which is essential to businesses remaining competitive and accountable in a globalised market.”
FCCC, through its monitoring, will check which businesses do not have point of sale machines and provide guidance on how they can improve their systems.
The move to remove EFTPOS fees complements FCCC’s efforts in ensuring that businesses comply with the issuance of itemised receipts.
FCCC also applauds the incentive given by the Government to pay 50 per cent of the cost to purchase EFTPOS machines for small businesses and working to ensure more point of sale machines are used in Fiji.
So, kudos to the banks for working closely with Government on this initiative and many more to benefit us all as Fijians.
Feedback: maraia.vula@fijisun.com.fj
