Gone are the days when transactions were strictly cash based. With the economic world evolving at the speed of light, it is only inevitable that cash transactions will gradually become obsolete. That’s where electronic bill payment systems come into play. This functionality gives a customer the capacity to make payments from the comfort of their homes.
How does this work, you ask? Any individual who has an active bank account or credit card, will be given the ability to make payments and transactions online via phone banking, net banking and creditor portals. You can transfer money to a vendor, creditor, pay utility bills, and transfer funds to other individuals who have active bank accounts.
Once the transaction is initiated, the payments are processed electronically as a direct deposit via an NPS or national payment system which is enforced by the banks while adhering to government norms and regulations.
When an electronic payment is triggered, the gateway captures the transaction request, encrypts it (to avoid fraudulent transactions) and reroutes to the recipient’s bank account. The issuing bank generates a response (yes or no) and sends it back to the acquiring bank via the card network.
In Guyana, SurePay electronic based bill payment system brings convenience to the customer and disposes off the need to make cash transactions.
It was once a concept that many customers were apprehensive about, but now, it is the preferred method of making payments, whether it is at a departmental store or just making bill payments, the electronic based bill payment system is taking the world by storm.
This method of making payments has become a core component of the online banking system. Many large banks offer electronic bill payment and presentment services as a part of their online banking system. You can also make withdrawals, deposits, transfers and online bill payments via the electronic bill payment system.
After speculating and seeing how convenient the electronic bill payment system is, more customers choose to make their payments via electronic sources. With technology advancing at warp speed, it comes as no surprise that cash based transactions are slowly but surely making their exit from the world of trade and commerce.
In Guyana, SurePay bill pay service is brought to you by Guyana Massy Finance Remittances. Massy Services Guyana Ltd is the franchise holder for SurePay Bill Payment Service since July 2012. It is offered through our network of MoneyGram sub-agents which are selected strategically for customers’ convenience.
Guyana Massy Finance Remittances 