With the creation of an Electronic Funds Transfer (EFT) system, government stands to save in excess of $200 million annually by increasing the use of electronic payments, according to the National Payments System Development Plan (NPSDP).
A 2015 payments cost study conducted by the World Bank’s Payment Systems Development Group found that government could save up to GYD $266 million (0.04 % of Gross Domestic Product) annually by switching from paper-based payment mechanisms to electronic payments.
