Papua New Guinea upgrades payment system
More financial institutions to use new central switch in bid to improve efficiency and inclusion
The Bank of Papua New Guinea (BPNG) plans to onboard smaller domestic banks and deposing-taking institutions, as well as international payment networks such as Visa and MasterCard, in the next phases of its new nationwide payment system.
The BPNG launched the first phase of its new retail payment system – which ultimately aims to link all domestic banks and financial institutions via a central ‘switch’ – in late July. The payments overhaul is aimed at improving efficiency as well as financial
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