Accra, March 31, GNA - GCB Bank, the largest indigenous financial institution, has launched a payment solution to facilitate faster service delivery, reduce the high dependence on cash and provide merchants with the control over their receipts.
Dubbed, 'GCB LitePay' the product provides a solution that combines a card reader and a versatile payment application on a smartphone to accept and process payment transactions.
'The product is a response to challenges with cash payments to lead the change in moving towards a cash-lite economy,' Mr Samuel Sarpong, the Acting Managing Director GCB Bank, said at the launch of the product.
He said the novel product, leveraging on the growing digital lifestyle, and the proliferation of smartphones, was relatively affordable, ensured instant access to transaction data for reconciliation and boost customers' confidence.
This, he said, was done through real time receipt notification, either by way of email or SMS.
Mr Sarpong said the Bank would provide the best support, service, and incentives with the aim to attract and sustain the interest of merchants, customers, both existing and prospective in the product.
Mr Daniel Owiredu, Board Chair of GCB Bank, said the GCB LitePay would deliver quality and unrivaled customer experience, creating value for both shareholders and stakeholders.
'We expect that this key product will make payments easy for Taxi-drivers, food delivery services, mobile vendors and other operators,' he said.
Mrs Doris Wunu, the Head of Consumer Banking, said GCB Litepay was targeting merchants with registered businesses without risk profiles that would pose a threat to the Bank's image or business.
The merchant must have the ability to communicate easily via telephone, email or SMS, she explained.
Mrs Wunu said the benefits that would accrue to merchants included increase in sales, quick resolution of issues via merchant portal leading to reduced customer complaints and remote monitoring and control of activities of the business through a dedicated web portal.
The cardholder would also benefit through clear trace of transaction and quick and easy resolution of disputes.