Ghana: GCB Launches New Electronic Payment Device

The Ghana Commercial Bank (GCB) yesterday launched a new electronic payment device known as Lite-pay in Accra.

The Lite-pay product is to facilitate faster service delivery and reduce the high dependence on cash within the system. This unique product will give merchants control over their receipts, which will go a long way to help them resolve disputes without reference to the bank.

Launching the device, Acting Managing Director of GC, Mr.Samuel Sarpong said the introduction of the product is in response to challenges with cash payments in the system. He added that GCB, as a pacesetter and a dominant player in the banking industry, realized the urgent need to lead the change in moving towards a cash-lite or digital cash economy.

Mr. Sarpong revealed that, leveraging the growing digital lifestyle and the emergence of smart phones, GCB Lite-Pay will provide a payment solution that combines a card reader and a versatile payment application on a Smartphone that is a GCB-branded payment application to accept and process payment transactions.

He said, "This novel product is relatively affordable because it ensures instant access to transaction data reconciliation and boosts customers' confidence through real time receipt notification either by way of email or SMS".

Mr. Sarpong noted that the innovation will help all their stakeholders and also provides value to their investors saying: "It harnesses the creativity and talent of our staff, whose efforts at seeing to the success of this product cannot be under-estimated".

He reiterated that the GCB's resolve to provide the best support service and incentives with the view to attracting and sustaining the interest of merchants and customers, both existing as well as prospective in the product.

"GCB Lite-Pay has come to revolutionize digital payments in Ghana and am glad you have chosen to be part of this revolution with your presence here," he hinted. The Board Chairman for GCB-Mr. Daniel Owiredu, on his part, lauded GCB saying it has demonstrated its preparedness to adopt the concepts of creativity and innovation to grow its business for the benefit of all its stakeholders.

Mr. Owiredu said GCB is also implementing the interbank instant pay service, which would allow funds to be transferred between accounts in different banks. "Permit me to confirm with justifiable pride that since the Bank of Ghana's drive to achieve a cash-lite economy, GCB has put into practice GHIPPs initiated products and services to facilitate interbank payments", he added.

He continued that the key product will make payments easy for taxi drivers, food delivery services, mobile vendors and even 'tro-tro' drivers and 'aplankes', among others, adding it has been taken up by insurance companies, supermarkets, hotels, schools, hospitals and filling stations.

The Lite-Pay is a card payment solution that combines an EMV certified card reader and versatile payment application on a Smartphone (GCB branded payment application) to accept and process payment transactions. The product components are a Smartphone, Muira card reader and other cards that are accepted by GCB Lite-pay, including Readycash, Gh-Link, MasterCard and Visa.

SOURCE:THE CHRONICLE