This new platform is based on real-time funds transfers, QR mobile payments, and a single electronic clearing system. The reason for the soft launch of Retail Pay System is to promote innovation in the retail payment system.
The aim also touches the fact that the bank wants to facilitate the inter-bank transaction, accelerate operational efficiency, and improve the safety of fund transfer via electronic means of payment. Moreover, the Retail Pay System is meant to promote the financial inclusion and facilitate the fund transfer in the market.
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