The total value of e-zwich transactions in Ghana went up by 102 percent in the first half of this year to GH¢2.7 billion, according to a report on Payment Systems by the Bank of Ghana (BoG).

There is an increasing shift away from the use of cheques to electronic payments channels for various transactions. Although cheques continue to have the single largest share, it is growing at a slower pace while other electronic payments are experiencing a faster growth in patronage.

The GhIPSS Instant Pay (GIP) has recorded a massive increase in patronage in the first half of this year compared to the same period last year. The GIP is an electronic payment system that enables a customer to transfer money from one bank account to another of a different bank and the transfer is effected instantly.

According to a half year summary performance of GhIPSS product report, the volume of GIP transactions moved from 7,181 in the first half of 2017 to 53,201 in the first half of this year, up by a whopping 698 per cent.

The value of transaction equally shot up impressively from GH¢16.5 million to GH¢150.2 million, representing a jump of over 812 per cent.