Consumers in Vanuatu will soon be able to use an electronic automated system to settle their payments in real time instead of waiting for days for a transaction to be completed.
Parliament passed the Bill for the National Payment System which will pave the way for this transition.
The Minister of Finance and Economic Management, Johnny Koanapo tabled the Bill saying it would enable the transition from a manual to an electronic system to settle payments.
Apart from raising concerns about bank fees imposed on clients by banks, there was bipartisan support from both sides of Parliament towards the Bill.
The National Payment System will be operated by the Reserve Bank of Vanuatu.