Can we Have a Cashless Christmas?

Wait—it's not what you're thinking. Christmas without money? That’s no Christmas at all!

This is the time of year when people spend the most, so a literal cashless Christmas isn’t what I’m referring to—at least not if you want to enjoy the season.

But a figurative cashless Christmas? That’s absolutely possible! By replacing physical cash with its digital equivalent, you can embrace the festive season without handling a single note.

The holidays come with plenty of purchases—some planned and others completely unplanned. While physical cash may seem convenient, it can also be limiting, especially if you don’t have enough on hand for a purchase.

Here are some digital payment options to explore this Christmas:

Direct Bank Transfers with Instant Pay

With Instant Pay, you can transfer money directly from your bank account to any mobile money wallet or bank account across different banks and mobile money networks within seconds. This service costs a maximum of GHS 10 per transaction and only attracts the e-levy after your first GHS 20,000 in transfers (to other banks).

Available on all bank mobile apps, USSD, and internet banking platforms, as well as most fintech apps, Instant Pay is accessible 24/7. All you need is your phone, internet connectivity, and funds in your account to make payments for gifts, services, or festive expenses.

Most banks list this service under "Transfers" on their digital platforms. Reach out to your bank or fintech payment service provider for more details on how to use this service this Christmas and beyond.

ACH Direct Credit (Near Real-Time Transfers)

ACH Direct Credit is another excellent transfer option for individuals and businesses. It offers different receipt timeframes—same-day, next-day, and near real-time (15 minutes).

For high-value transactions, near real-time transfers are ideal. Funds are received within 15 minutes, making this option perfect for amounts in the tens of thousands and above. While it’s unavailable on weekends (weekend transfers are completed on weekdays), it’s a reliable Monday-to-Friday solution. ACH Direct Credit doesn’t attract e-levy, and the maximum transfer fee is capped at GHS 10. You’ll find it listed alongside Instant Pay under “Transfers” on most digital banking platforms.

Mobile Money Interoperability

Mobile Money Interoperability simplifies sending money across mobile money platforms. You can transfer funds from your wallet to other wallets, bank accounts, and even e-zwich wallets.

Whether you’re shopping at Makola, paying vendors, or buying Christmas gifts, interoperability has you covered. Just ask for the recipient’s mobile money number, dial your mobile money short code, and follow the prompts to complete the transfer. No need to ask which network they’re on!

Digital Payments

Gone are the days when businesses only accepted cash. Now, most businesses in Ghana are open to accepting digital payments. Of course, you may still hear the occasional "add the charges" rant, but the reality is that you can easily make digital payments directly from your bank account or mobile money wallet to any business. This applies to everyone—from the biggest shopping centres to small and medium enterprises.

GhQR Payments: This allows you to scan a business’s QR code and pay directly from your bank account or dial your mobile money short code to make a payment from your wallet.

Request to Pay: Shops can send a payment prompt to your phone by requesting your mobile money number and sending a debit alert. Simply review the transaction, enter your mobile money PIN, and voilà—payment is done!

Payment Cards: Debit and credit cards remain excellent options for making payments at stores, restaurants, and online shops, both locally and internationally.

Can System Downtime Happen?

Yes, technical challenges can occur. However, financial institutions are well aware of the season’s demands and work hard to minimize downtimes. With multiple options available—bank transfers, mobile money, and cards—you’ll always have a fallback.

So, there you have it! From Instant Pay to mobile wallets and cards, you have plenty of ways to enjoy a cashless Christmas. Whether you’re at a restaurant, shopping mall, church, or playground, Ghana’s digital payment systems have you covered.

Now, let me ask you again: Can we have a cashless Christmas?