The Head of Fintech at the Bank of Ghana (BoG), Kwame Oppong has advocated for stakeholders in the digital payments ecosystem to consider setting consistent and affordable pricing for the usage of various payment systems across networks and domestic channels.
According to him, the inconsistent price in the industry is pushing away innovations which are expected to make digital and contactless payments attractive.
“There are some inconsistencies in the market pricing and for us to make any meaningful dents on this problem, we have to look at the market level pricing. Need to prompt some of the key players to make it possible for those who ride on it to successfully deploy this innovations otherwise, it cost prohibitive.
“Especially for the accounts of those sending they have to pay more and that is a bit challenging. Secondly, we are also factoring government costs that are mandatory, it becomes a challenge for others to come on board with innovations,” he said.
Mr Oppong made the call in a discussion with some stakeholders at the VISA contactless payment workshop in Accra.
The day-long knowledge-sharing session identified challenges and opportunities to integrate contactless, Tap to Pay technologies, security and fraud prevention into the market.
Executives from VISA outlined ways to secure the future of payments and explore the benefits of contactless technologies.
VISA assured that it will continue to invest in technology to deal with challenges faced by customers, most importantly detect fraud, and boost the confidence of consumers on the VISA platform.
It said this is critical as the efforts by financial fraudsters continue to grow across the continent.