About Payments System in PNG - Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea

11/13/2017 About Payments System in PNG | Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea
Search Our Website
Douglas Street, Port Moresby NCD

Tel: +675 322 7200
Fax: +675 321 1617
Email: [email protected]
Home About Us Monetary Policy Financial Stability Payments System Financial Markets Media Releases Investments Links
Investments Bills Auctions &

Central Bank Investments | DoResults
Not Accept Any Bank Paper Notes |
Investments Terms &
Conditions
Home Payment System About Payments System in PNG

Payment System
About Payments System in PNG Currency
More
The National Payments System (NPS) iseverythingto do with the movement of money. This involves all the arrangements
that enable funds to be moved from payers to payees, in whatever form or at whatever time, across the whole economy. The National Payment Systems Act 2013
NPS therefore affects every individual, business and organisation in the country. It involves payment instruments such as More
cash, cheques and electronic funds transfer.
Development Programmes
Papua New Guineas NPS More
The Papua New Guinea NPS is still very much paper and cash based where cheques and cash transactions are the most
common means of settlement, although some electronic type payments are also used. Cash remains the dominant means of
payment both among the small percentage of the population in formal employment and the rural population. In the urban
centres and within the employment sector cheques, eftpos, credit cards, direct bank and post ofce transfers are some of
the methods of payment used.
The use of bank warrants ceased on 14th October 2013 with the introduction of the Kina Automated Transfer System
(KATS) enabling the clearance initially of large value transactions, and later the settlement of low value payments between
banks and individuals in February 2015.
The use of cheques as a means of payment is declining. This decline is due to employers in both government and private
enterprise making payment of salaries and wages direct to their employeesbank accounts. Another contributing factor is
the availability of eftpos facilities. More people are using eftpos to make payments for goods and services, as an alternative
to cash or cheques.
With the introduction of KATS, all high value or urgent payments are cleared on the same day and there is no deferred
settlement. The Bank of Papua New Guinea provides the facilities for all Banks to settle their positions before the end of
the day.
Cheque Clearing House
The Port Moresby Clearing House ceased operating on the 8th September 2014. This was due to physical exchange of
cheques between banks being replaced with cheque truncation (i.e. exchange of electronic images of cheques and their
associated data) through KATS for clearing and settlement of cheque payments.
Automated Clearing House (ACH)
KATS provides for clearance and settlement of cheque and direct credit payments four times per day from Monday to
Friday. The rst bulk clearing is from 9:00 9:30, second from 11:30 12.00 , third from 2.00 2.30 and the last from 4:00
4:30. The introduction of direct credit payments on the 9th February 2015 has provided further options for secure and
efcient payments between individuals and organisations as an alternative to cheques.
Mobile Payments
Mobile phones are being increasingly used for making payments, either linked to bank accounts or using electronic wallets,
particularly outside the main urban centres.
SWIFT
The SWIFT System is used for settlement of foreign exchange (FX) transactions between local Banks and their international
counter party banks. BPNG also uses SWIFT for Settlement of FX transactions with all the commercial banks.
https://www.bankpng.gov.pg/payment-system/payment-system-in-png/ 1/2
11/13/2017 About Payments System in PNG | Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea

Downloads Links Job Opportunities Tender Contact Us

Sitemap
A Cybermasta Site Copyright 2017 Bank of Papua New Guinea
https://www.bankpng.gov.pg/payment-system/payment-system-in-png/ 2/2

About Payments System in PNG - Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea

Uploaded by

Copyright:

Available Formats

About Payments System in PNG - Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

About Payments System in PNG - Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea

Uploaded by

Copyright:

Available Formats

11/13/2017 About Payments System in PNG | Bank of Papua New Guinea (PNG) Port Moresby, Papua New Guinea

Search Our Website

Douglas Street, Port Moresby NCD

Investments Bills Auctions &

Home Payment System About Payments System in PNG

Cheque Clearing House

Automated Clearing House (ACH)

Downloads Links Job Opportunities Tender Contact Us

A Cybermasta Site Copyright 2017 Bank of Papua New Guinea

You might also like