The Bank of the South Pacific (BSP) has launched BSP eDollar, becoming the first bank in Fiji to introduce a bank-backed electronic wallet.<\/p>\n
BSP Fiji Relieving Country Head, Maikash Ali says the platform brings BSP\u2019s banking network directly to customers through their mobile phones, giving them greater choice, control and convenience in managing and moving their money.<\/p>\n
He says people can create and manage up to five eWallets through the app, with each wallet having its own unique account number and the option of domestic or international access.<\/p>\n
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He says people can move funds between their BSP accounts and eWallets, transfer money to other BSP customers and transact across participating banks and mobile wallets.\u00a0<\/p>\n
He adds that individuals can also create a card-based wallet for online purchases.<\/p>\n
Ali says eDollar allows customers to carry out services that previously required a branch visit, queueing or contacting the BSP Customer Service Centre.<\/p>\n
He says a key feature is QR payments, with people being able to generate a QR code for each eWallet for instant transfers between individuals and payments at participating BSP QR merchant locations.<\/p>\n
BSP Chief Information Officer Omid Saberi says the platform is designed to give customers greater control over their finances while reducing costs.<\/p>\n
Saberi says there are no consumer fees for moving money between eWallets, opening or closing wallets, or making QR code purchases within the eDollar ecosystem.\u00a0<\/p>\n
He says security was a key consideration in developing eDollar, and that people must already be BSP customers to open an eDollar wallet and will receive a one-time password (OTP) when creating one before setting their own PIN.<\/p>\n
Saberi says A 24-hour cooling-off period applies when an eDollar account is opened on a new device.<\/p>\n
He says that during this period, people are notified of the new device and certain functions are restricted to provide additional protection against fraud.<\/p>\n
He has also urged customers to remain vigilant, warning them not to respond to unsolicited calls or messages requesting personal or account information.<\/p>\n
He says people should not click on suspicious links or share their user ID, password or OTP with anyone claiming to represent a bank.<\/p>\n
BSP eDollar is also aligned with the Reserve Bank of Fiji\u2019s National QR Code Standard.<\/p>\n
Reserve Bank of Fiji Governor, Ariff Ali says the launch supports the Reserve Bank\u2019s payment system modernisation agenda, which aims to create a payment system that is safe, efficient, inclusive and resilient.<\/p>\n
He says the National QR Code Standard, developed with industry input, promotes consistency and interoperability across QR payment solutions.<\/p>\n
He says this allows customers to make payments regardless of the institution or payment application they use, while enabling merchants to accept payments from multiple providers through a single QR code.<\/p>\n
Ali says the launch comes as digital payments continue to grow rapidly in Fiji.<\/p>\n
He says internet banking usage, in terms of both value and volume, has increased tenfold since 2015, while person-to-person digital payments have grown sharply since the COVID-19 pandemic.<\/p>\n
He says mobile wallets have been available in Fiji since 2010, but person-to-person transfers have increased significantly since 2020, with 57 million transactions recorded last year, valued at $2.9 billion.<\/p>\n
Ali says inward remittances through mobile networks now account for just over half of the $1.3 billion in annual remittance inflows recorded last year.<\/p>\n
He says QR payments have also grown substantially; since their introduction in 2019, the value of personal wallet-to-business payments using QR codes has increased by almost 700 per cent, from $86 million in 2021 to $672 million in 2025.<\/p>\n
Ali says BSP eDollar is an important building block as Fiji\u2019s payment ecosystem continues to mature and has encouraged other financial institutions to embrace interoperable innovations.<\/p>\n
He says modern payment systems can improve efficiency, strengthen confidence, promote innovation and create opportunities for economic growth.<\/p>\n","protected":false},"excerpt":{"rendered":"The Bank of the South Pacific (BSP) has launched BSP eDollar, becoming the first bank in Fiji to…\n","protected":false},"author":2,"featured_media":589644,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[249096,61,60,202,80],"class_list":["post-589643","post","type-post","status-publish","format-standard","has-post-thumbnail","category-mobile","tag-bsp-bank-photo-video","tag-ie","tag-ireland","tag-mobile","tag-technology"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/589643","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=589643"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/589643\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/589644"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=589643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=589643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=589643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}