CASH is still widely used in Fiji despite the sophistication and prevalance now of digital payment systems such as M-PAiSA and QR Codes. And a recent survey by the Reserve Bank of Fiji has shown that 62 per cent of Fijians prefer to use cash for day-to-day expenses.
This was revealed by Reserve Bank of Fiji Governor Ariff Ali at last week’s Pacific Fast Payments Systems Workshop attended by Pacific central bankers, regional and international financial stakeholders.
The event coincided with the launch of Fiji’s new 2025 Polymer note series, providing Governor Ali the opportunity to reveal the general preference for cash in Fiji despite the exponential growth of Internet banking and mobile wallet usage in the country.
“Some of you may be wondering why the RBF is investing in new design notes after investing heavily in the national payments system over the last few years.
“Well, there are several reasons. Firstly, we need to continuously upgrade the security features on the notes to protect them against counterfeiting.
“Secondly, cash is still widely used in Fiji, its usage accounting for almost eight per cent of GDP.
“A recent survey by RBF revealed that 62 per cent of Fijians prefer to use cash for day-to-day expenses.
“Finally, the new notes are all polymer substrate, which enhances durability, enabling it to endure the demands of everyday handling, thus reducing replacement cost for the Bank. So, while there has been substantial growth in digital payments, cash remains ‘king’ in some respects,” Mr Ali said.
As the world transitions from cash-based to digital-based payment, the development of fast payment systems is at the heart of this transition.
“Payments are the bloodstream of any economy,” Mr Ali said. “Some have characterised it as the ‘plumbing system of the economy’.
“When they flow smoothly, businesses grow, firms thrive, and confidence strengthens. When they clog, it gets messy, and everything suffers.”
