BSP reduces cost for EFTPOS transactions from standard 40 cents to 1% of the transaction amount for traders

Bank of South Pacific has announced that merchants for every EFPTOS Transaction will pay 1% of the transaction amount instead of the standard 40 cents per transaction.

Country Head Haroon Ali says their research has indicated that the average transaction is around $20 to $30.    

He says the Bank is also getting about 1,000 new EFTPOS terminals the end of June this year.

Ali says the new terminals will be replacing the existing aging terminals.

The Country Head also says these terminals will have a faster processing time and better touch screen capabilities as well.

He says they have also invested close to $5 million in their electronic channels.

Meanwhile, Ali says the bank has upgraded their core banking system for which they spent more than $20 million.