Ghana To Launch Universal QR Code Payment System For All Banks In March 2020
Ghana To Launch Universal QR Code Payment System For All Banks In March 2020.
To harmonize QR Code payment systems in Ghana, the Ghana Interbank Payment and Settlement Systems (GhIPSS) set to launch a Universal QR Code for all banks in March.
Most banks in Ghana now have their QR Codes for all electronic payments and hence, this development to be made by the Ghana Interbank Payment and Settlement Systems (GhIPSS) will enable customers use their bank’s QR Code at any Point of Sale (POS) for faster and convenient transactions.
The Chief Executive Officer of Ghana Interbank Payment and Settlement Systems (GhIPSS), Archie Hesse said that the interoperable QR Code solution set to be launched will help merchants to receive payments from various consumer funding sources on any platform in Ghana.
Archie Hesse further explained of how merchants can receive payments by displaying a static QR Code generated by themselves or via an acquirer embedded with their details or by generating a QR Code randomly with each and every transaction done by using an electronic device.
“In addition to the QR codes, merchants shall have unique IDs assigned to them to facilitate receipts via USSD from customers who use feature phones,” he said.
2019 Interbank Payment Performance — GhIPSS.
According to the 2019 Interbank Payment Performance report by the Ghana Interbank Payment and Settlement Systems (GhIPSS), a total number of 38 million interbank transactions in 2019 representing, a 42% increase over 2018 in which 26 million transactions were processed.
The 2019 performance was driven by the growth in the use of the GhIPSS Instant Pay (GIP) service to move funds from your bank accounts into your mobile money wallets which grew by 1,224 percent when compared to 2018 volumes.
Similarly, transactions that are between mobile money platforms (mobile money interoperability) and most services on the e-zwich platform also contributed to the growth in transaction volumes with 317 percent and 39 percent increase respectively.
Though the volume for transaction has increased as per the statistics given above, the value of these transactions dipped by 8 percent from GH¢240 billion in 2018 to GH¢ 220 billion to 2019.
This decline was a result of the reduction in the value of interbank cheques that were cleared over the period.
While the value of cheques processed in 2018 was GH¢149 billion, for the same period in 2019, the total value of interbank cheques processed was GH¢124 billion representing a decline of 16%.
This decline was led by the reduction in the value of interbank cheques issued by large corporates who form the majority of customers who issue cheques for their business transactions.
In line with global trends, electronic payments in Ghana are gravitating towards mobile payment options, especially with the introduction of real-time and digital financial services.
Most organizations in Ghana are also beginning to appreciate the security and convenience that come with the use of electronic funds transfer services like that of ACH Direct Credit.
The growth in the transaction volumes for the e-zwich services can be attributed to the use of this platform by the government for the payment of beneficiaries of most of its social intervention programs.
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