National Switch Bill to Decrease Costs

Oct. 3, 2017, 6:27 a.m.

pm

Electronic transaction costs could see a decrease if a National Switch Bill is passed in Parliament.

Prime Minister, Voreqe Bainimarama confirmed that Interchange Network Payments were currently before Parliament and would provide a regulated, centralized environment for using ATMs and Point of Sale machines to reduce the costs of electronic transactions.

Aside from banks, he said it would also give other entities conducting large transactions and incentives to participate in the “national switch.”

“For example, our iTaukei Lands Trust Board, which administers land on behalf of different land-owning units, can disburse lease funds through the National Switch to all individual recipients in the respective land owning units,” Mr Bainimarama said.

“Similarly, our social welfare recipients will also be able to directly access funds through the national switch, thereby reducing the current fees and charges.

“It is in the best interest of every Fijian consumer that we introduce regulation in our financial system to foster competition at the top and bottom ends of the market.”

He added that the collation and reporting of those who access credit needed to occur under an appropriate regulatory framework, and that since the introduction of new regulatory laws for credit-reporting services, there had been far great interest from overseas companies.