In its first year of operation in 2016, only 184 Instant Pay transactions took place, largely because the service was introduced in the later part of that year

The growth in transactions is an indication that more bank customers are exercising the option of using Instant Pay to transfer funds or make payments from their bank account to another account with a different bank.

The Instant Pay makes interbank transfers and payments instant, such that immediately the money is transferred, the recipient can access it.

Speaking during an interaction with journalists in Accra, the Chief Executive Officer of GhIPSS, Mr Archie Hesse said globally, payments are gravitating towards instant payment.

He explained that because the service could be accessed electronically, it created convenience to customers as they can perform instant payment transactions from their bank account without moving an inch.

While volume of transaction grew by 244 percent in 2018, the growth in value of transaction was much higher at 542 percent.

The more than proportionate growth in the value compared to the volume, suggests that the payment system is trusted by customers and are therefore using it for higher value transactions, Mr. Hesse explained.

He noted that Instant Pay was an important service that ensure quick, convenient but secured movement of funds in the economy.

Mr. Hesse urged the public to continue to keep their money within the banking system, because it can now be easily and quickly moved around to address their business needs.

Instant Pay is currently the fastest way to transfer funds or make payment from one bank account to another of a different bank and it was introduced to create convenience to bank customers and to facilitate quick payment.

Instant Pay service is offered by the banks and currently most of the major banks provides the service. While some banks offer the Instant Pay service through their internet banking portals, others do it through their mobile banking portal. Some of the banks however offer the Instant Pay service on both the mobile banking and internet banking portals. GhIPSS Instant Pay is the generic name, but various banks call it by different names.

The introduction of the Instant Pay service is greatly enhancing business transaction as businesses are able to make and receive payments instantly through their bank account to support the quick turnaround of their goods.