Ghana Unveils Universal QR Code And Proxy Payment System To Enhance Digital Payments
Ghana Unveils Universal QR Code And Proxy Payment System To Enhance Digital Payments.
The universal QR code and proxy payment system as much awaited have been finally launched to boost digital payments in Ghana.
The vice president, Dr. Mahamudu Bawumia unveiled the universal quick response code (QR Code) payment system.
The launch of this QR Code payment system is believed to be one of the innovation that will be changing the country — Ghana into a cashless community as part of plans made by the government.
According to Dr. Mahamudu Bawumia on the launch of the QR Code, he stated that the universal Quick Response (QR) Code payment system will allow customers to make payment to merchants for the goods purchased and services from their mobile wallet or bank account via mobile phones instantly.
Dr. Mahamudu Bawumia stated clearly by saying;
“Even for merchants that accept electronic payments, there is no interoperability across the different banks or across the different telcos. If there is a merchant that has been acquired by Vodafone for example, then an MTN customer is not able to use their mobile account to pay that merchant. Also, if Ecobank has acquired a merchant, a GCB customer cannot use the Ecobank terminal to pay from their GCB account. So, there is no interoperability. Our goal is to make a secure, convenient and low-cost financial service available to the vast majority of people and to solve the pain point of traditional financial institutions. In China and many parts of Asia, the universal QR code has come as the solution to these problems that I have been talking about.”
“When you go to the merchant with a universal QR Code, as long as you have a bank account from any financial institution or a mobile money account from a telco, you’ll be able to pay the merchant regardless of which bank or telco has acquired the merchant or service provider instantly.”
This Universal QR Code payment system should have been unveiled last year, December 2019, according to the government but delayed though we don’t know what could be the cause for this.
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