The value of electronic money wallet transactions in Fiji is poised to approach $3 billion by the end of this year, according to Reserve Bank of Fiji Governor Ariff Ali. This optimistic projection was shared during a panel discussion marking the opening of the new Visa Regional office in Suva, where he reported that Fiji recorded a total of 36 million mobile wallet transactions valued at $2 billion last year.
Currently, the trend is growing rapidly, with nearly 41 million transactions recorded within the first nine months of this year, and expectations that total transactions could reach 50 million by year’s end. The anticipated total value for these transactions is set to approach $3 billion, demonstrating a significant rise in the use of mobile wallets across the nation.
Governor Ali noted the impressive growth in bank transfers to mobile wallets, which amounted to 3.5 million transactions valued at approximately $300 million last year. This year, transfers from banks to mobile wallets are projected to double, nearing 7 million transactions, thanks to the introduction of interoperability features that allow funds to be transferred from mobile wallets to bank accounts.
The shift toward digital payments, notably through QR codes, has contributed to this growth, with around $5 million worth of transactions reported through QR payments. Governor Ali emphasized the support of the Reserve Bank for mobile wallets, highlighting their role in enhancing productivity, cost efficiency, and overall market efficiency.
These advancements in the financial sector not only reflect an increasing acceptance of digital transactions but also represent a progressive step towards financial inclusivity in Fiji. As more individuals gain access to these modern payment systems, there is a positive outlook for boosting economic stability and fostering growth within local communities. The continued adoption of digital financial services is likely to empower a broader demographic, ensuring that all Fijians have the opportunity to engage actively in the economy.