Universal QR Code Payments System to be Launched in March 2020
What’s in the news?
Ghana is set to launch the Universal QR Code payments system in March 2020, Vice President Dr Mahamudu Bawumia has said. According to Dr Bawumia the move “will make it possible for all retailers to receive payments on their mobile phones without the need for the traditional Point of Sale device.” He also added that this mode of payment will apply to all retailers whether they’re selling pure water, waakye or running a trotro service.
Ghana will be the only country in Africa with a Universal QR CODE payment system when it is launched next month.
What is Universal QR code?
QR code payment is a contactless payment method where payment is performed by scanning a QR code from a mobile app. QR Code Payments have been in use since 2012. They are used in almost every form of payment including buses, trains and in stores to purchase items. Currently, there are different QR Payment options in Ghana. Last year, Visa launched their QR Payment option and MasterCard worked with EcoBank to push their MasterPass QR Payment.
Govt’s paperless systems agenda
Since the assumption of the New Patriotic Party, the government continues to express its resolve to automate all transactions to reduce human interaction.
The move aims at reducing turnaround time for businesses and eliminating corruption.