Digital Financial Services (DFS) The use of innovative technology for scaling up financial access/usage and expansion of digital financial services to reach more remote parts of the country was promoted. Access points in PNG for in-person transactions include branches, agents, ATMs, Point of Sale (POS) devices and Payment Service Providers (PSPs) agents. Merchants can function as cash-out points as customers are allowed to cashout by using POS machines along with their bill pay.
Mobile Network Operator (MNO) Digicel PNG through its subsidiary Digicel Financial Services was licenced to provide mobile wallet services under the name CELLMONI. Commercial banks and Microbanks offer mobile banking services like Bank of South (Wantok Moni), Kina Bank (KINAKONNECT) and Nationwide Microbank (MiCash). These mobile banking platforms allow customers to deposit, withdraw, receive, and send money, top-up services and make bill payments like water, electricity etc. using their mobile phones. As of December, 2021 there are 1.06 million mobile banking accounts in PNG and 33% of the accounts are owned by women. The payment system in PNG has significantly improved by the establishment of Kina Automated Transfer System (KATS) and Retail Electronic Payment System (REPS) by BPNG. REPS has facilitated an interoperable environment for digital financial offerings. Along with commercial banks REPS enabled two micro banks and a savings and loan society to offer digital service including mobile banking. Few 2nd and 3rd tier FSPs are offering card services by entering bilateral agreements with commercial banks. The REPS commenced its operations in July, 2019 and six institutions (Bank of South Pacific, Kina Bank, Westpac Bank, Nasfund Contributors Savings and Loan Society, Nationwide Microbank and Peoples Micro Bank Limited) are connected to the National Switch. In March, 2021, the Instant Payment Transaction was launched, a real time digital payment to be used by non-banks. The use of domestic debit cards has exponentially increased in PNG.