## Fiji’s Digital Money & Payments – Current Situation & Challenges

## Source details

**Canonical URL:** [Fiji’s Digital Money & Payments – Current Situation & Challenges](https://www.imf.org/-/media/files/oap/oap-home/2025/session2-fijis-payment-system-presentation-tokyo-211125f.pdf)

## Other formats

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### Presentation context
- Presentation by the Deputy Governor (RBF) at IMF PAYMENTS SEMINAR TOKYO| 2025.
- Labelled Highly Confidential.
- Presentation Outline: 1.Fiji – some facts; 2.Fiji’s Payment System Journey; 3.Fiji’s Payment and Settlement System; 4.Fiji’s Data on Payments System; 5.Challenges; 6.Changes needed - What’s Next?

### Fiji – a snapshot
- Demographics and connectivity:
  - Median age: 27.6 years
  - 81% Use a smartphone
  - 95% Have internet access
- Tourism and economic share:
  - 983K Visitors last year
  - 643K Visitors (Jan-Aug-25)
  - 40% of GDP fueled by tourism
- Mobile accounts and digital payments:
  - 560K People with active mobile accounts
  - 46% Using digital payments* (*Excluding mobile)
  - 10% Financial inclusion gender gap
- MSME statistics:
  - 82% of businesses are MSMEs
  - 18% of GDP is generated by MSMEs
- Sources: Mastercard – Market Research Findings & RBF

### Fiji’s digital finance landscape and usage patterns
- Banking and card ownership:
  - 86.5% Financial inclusion
  - 86% Card ownership
  - 90 EFTPOS Terminals per 10K people
- Mobile wallets and cash usage:
  - 81% Of adults has mobile wallets
  - 51% of consumers are using mobile wallet
  - $3B mobile wallet transactions last year
  - Person-2-Person Transactions largest share mobile wallet activity
- Card transaction values and tourism:
  - $1.9B* of total card transaction value for consumer payments (*Total value for 2024)
  - 95% of total card value by foreign tourists in Fiji
- Merchant acceptance by sector:
  - 81% Groceries
  - 69% Utilities
  - 92% Dining
  - 87% (unclear label in source — preserved as presented)

### Payment system journey (timeline highlights)
- Early electronic transformation:
  - Internet Banking, Mobile Banking, RBF’s Real Time Gross Settlement System (FIJICLEAR), Mobile Money Services
  - Key years noted: 2002, 2007, 2010, 2018 (as milestones)
- Post-2020 enhancements and initiatives:
  - 2021: NPS Act came to effect (NPS Regulations 2022)
  - 2022: Enhancement of RTGS / Automated Clearing House; Standardization of QR code; Central Security Depository (2022 listed)
  - 2023: Automated Clearing House (Integration of all banks)
  - 2024: Wallet to Bank Integration; Bank to Wallet Integration; Wallet to Wallet Integration; Enabled Central infrastructure for interoperability for new FinTech
  - 2025 - 2026: EFT onboarding for MNOs; Standardization of QR code (also listed under 2022/2025-2026)
- Vision elements and functional goals:
  - Instant payment, linking Banks, Wallets and Cards Interoperability
  - National Digital ID [E -KYC]
  - Bulk Payment Onboarding for MNOs
  - Enhancement of Merchant Settlement

### Payment and settlement system capabilities
- RTGS / FIJICLEAR:
  - 2022 Enhancement of RTGS: Instant crediting of wholesale payment
- Central Securities Depository functions (2022):
  - Online Auction; Online Bidding; Online Allotment; Delivery vs Payment; Online Corporate Action
- Automated Clearing House (2023):
  - Integration of all banks for retail payments
  - Allows for instant retail payment system 24/7
  - Allows bulk payments to be cleared within an hour
- Interoperability and onboarding (2024):
  - Bank to Wallet Integration; Wallet to Bank Integration; Wallet to Wallet Integration
  - EFT onboarding for MNOs (2025 - 2026 activity window)
  - Standardization of QR Code (2022 and reiterated 2025 - 2026)

### Data on payments system (selected activity and value indicators)
- Currency in Circulation and value of transactions series presented across years 1973–2023 and 2006–2024 respectively (charts preserved in source).
- ATMs, Internet Banking, and EFTPOS: time series charts showing Number of Transactions (millions) and Value of Transactions ($ Billions) across multiple years (specific chart data preserved in visuals).
- Mobile wallet transactions — growth signals:
  - Wallet to Bank Transfers: Number of Transactions (millions) and VALUE OF TRANSACTIONS ($ Millions) for 2021–2024 (charts presented)
  - Bank to Wallet Transfers: Number of Transactions (millions) and VALUE OF TRANSACTIONS ($ Billions) for 2015–2023 (charts presented)
  - QR Code (Wallet to Business): time series for NUMBER OF TRANSACTION (Thousands) and VALUE OF TRANSACTION ($ Millions) for Jan-24 through May-25 (charts presented)
- Inward remittance channel share, 2024:
  - 17% ($230.0m) Commercial Banks
  - 35% ($467.2m) Money Transfer Operators
  - 48% ($631.5m) Mobile Network Operators

### Challenges identified
- 01 Difficulty in achieving alignment and convergence between Banks & other payment system providers.
- 02 Enhanced Anti Money Laundering Policies.
- 03 Cybersecurity, Fraud and Data breaches.
- 04 Entry Barriers – MSMEs struggle with high fee, complex application & onboarding processes for EFTPOS and E-com payment gateway.

### Changes needed — What’s next (key priorities listed)
- Standardisation of QR Code
- Chequeless transition
- Development priorities noted: Fiji’s National Digital ID; Cross Border Payment; Central Bank Digital Currency; Cashless initiatives
- Other operational steps listed in presentation outline and timeline: EFT onboarding for MNOs; Bulk Payment Onboarding; Enhancement of Merchant Settlement; Instant payment interoperability

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_Source: https://www.imf.org/-/media/files/oap/oap-home/2025/session2-fijis-payment-system-presentation-tokyo-211125f.pdf_