The move by a local bank to waive merchant fees and standardise charges for transactions has been welcomed by the members of the community and is seen as a positive move towards making Samoa’s economy cashless.

ANZ announced it will waive merchant fees for all banks’ local Visa Debit Card payments under WST15, to encourage retailers to accept more card payments and promote a cashless economy in Samoa.

Samoa’s economy is cash-dependent and there are very few options available for making cashless transactions. This according to a few economists has been a hindrance for tourists.

There is also the question of high transaction rates charged when cashless transactions are performed at a different bank’s terminals.

Despite this, there has been a slow move towards having a cashless economy.

ANZ Samoa Country Head, Sucharu Tandon, said over the past few years there has been a strong shift away from cash to digital payments.

“We want to promote a cashless economy and provide better, more affordable access to digital banking services to Samoans,” he said.

Sami Sio of Savalalo said this was welcome news especially knowing that transactions under $15 will incur no fee.

“There should also be a change in the mindset of retailers. Some retailers do not allow a card transaction if the amount is less than $20,” he said.

“It is also good to know that I can use my card on an ANZ machine and just pay 50 sene as a charge, no matter what the amount is.”

As part of the announcement, ANZ will now charge retailers a flat 50 sene fee per transaction for payments made via any locally issued Visa Debit Card on all ANZ EFTPOS terminals. Previously, the fee for non-ANZ Visa debit cards as a percentage of the transaction value.

“By making small changes to encouraging more cashless payments, we can provide better, more affordable access to digital banking services in Samoa,” Mr Tandon said.

“Visa Debit is a safe and convenient option for local, international, and online transactions, using money from a customer’s everyday account. It gives customers and retailers a high level of security against card fraud, particularly when making contactless or ‘tap and go’ payments.”

A Spaniard on a business trip to Samoa, Maya Alonso said it was frustrating to get cash for things she is used to just by tapping her phone or card.

She said otherwise her stay had been quite enjoyable and hoped that the nation makes a transition toward a cashless system. She believed that this could be a strong point, especially with tourists.