JoPACC’s 2021 End of Year Payment Systems Report reveals significant growth in the use of financial services, particularly digital financial services
In comparison to last year, the use of electronic and digital payment services grew significantly in 2021, according to JoPACC's End of Year Payment Systems Report. A total of 73.32 million transactions were processed using JoPACC's systems. These systems include the Electronic Cheque Clearing System (ECC), the Automated Clearing House (ACH) for bank transfers, eFAWATEERcom system for bill presentment and payment, Jordan Mobile Payment (JoMoPay) system for mobile wallet payments, and CliQ system for instant payment. In terms of transaction volume, eFAWATEERcom system was the most fortunate, with 34.16 million transactions completed in 2021. With 37.66 billion JOD exchanged by cheques, the ECC holds the largest share in terms of the transaction value.
The ECC saw a 1% decrease in the number of processed cheques in 2021, which was offset by a 10% increase in their value. The number of returned cheques decreased by 49% in 2021 compared to 2020, with the insufficient balance remaining the most common reason for cheque returns. The ACH witnessed a 36% increase in the number and value of transactions executed through it, reaching 9.65 million transactions with a value of 7.37 billion JOD. Although salary and wage transfers are the most common type of transaction through this system, the percentage of transfers for other purposes increased in 2021, indicating a greater appetite to use bank transfers.
eFAWATEERcom witnessed an increase in the number of transactions executed through it, with the number of transactions increasing by 51% and the value of transactions increasing by 27%. 75% of transactions were completed via digital channels, with cash accounting for the remaining 25%. Telecommunications, utilities, and government services topped the payments made through eFAWATEERcom. The number of eFAWATEERcom users has reached 3.14 million, with Jordanians constituting 89% of the total.
The number of transactions executed through JoMoPay doubled in 2021 to reach 22 million transactions, with a total value of 2.15 billion JOD. The total number of registered wallets increased by 30% to 1.76 million mobile wallets. The system was most commonly used for purchases, money transfers, and cash-in. CliQ system for instant payment, the newest payment system launched mid-2020, has seen the greatest increase in the number and value of transactions processed through it, particularly after most banks joined the system in 2021. The number of CliQ users increased to 190,000 users in 2021, up from 7,694 at the end of 2020. JoPACC upgraded the JoMoPay system at the end of 2021 to allow for instant transfers between mobile wallets and bank accounts via CliQ, which makes financial transactions easier and more accessible and increases the uptake of digital payments.
2021 End of Year Payment Systems Report