The Ghana Interbank Payment and Settlement System, a subsidiary of the Bank of Ghana, says its GhIPSS Instant Pay (GIP) has gone up by almost 600 percent in the first half of 2020 compared to the same period last year.

According to GhIPSS Half Year Performance report, the volume of GIP transactions at the end of June 2020 stood at 2.45 million compared to 350,666 for the same period in 2019.

GIP is an electronic payment system that enables a customer to transfer money from one bank account to another of a different bank or a wallet and the transfer is effected instantly.

Commenting on the performance, Mr. Archie Hesse, the Chief Executive of GhIPSS, said that the persistent growth in GIP transactions was largely because it had allowed people to make and receive payments instantly even without the need to move to a banking hall.

"With increasing advocacy for electronic payment options due to the coronavirus pandemic, it is anticipated that GIP will continue to enjoy high usage," he said.

Though instant pay can be accessed from the banking halls, it is mostly available on the various internet and mobile banking platforms of the banks.

Many Fintechs also ride on the GIP technology for their money transfer services.

Mr Hesse said GhIPSS would enhance public education on GIP to ensure that more people are aware of the service and use it to make payments more convenient and efficient.

He is hopeful that GIP will continue to record growth in patronage as more people turn to electronic forms of payments.

"With increasing advocacy for electronic payment options due to the coronavirus pandemic, it is anticipated that GIP will continue to enjoy high usage," he said.

Mr. Hesse expressed the hope that with GIP and Mobile Money Interoperability, two very important payment interventions, will reach a significant number of people outside the banking sector.