Universal QR Code, Proxy Pay solutions is a potential ‘game changer’ - BoG

Governor of the Central Bank, Dr Ernest Addison, says the introduction of the Universal Quick Response (QR) Code and Proxy Pay system for Ghana has the potential to become a 'game changer' that will support financial inclusion in the payments system.

Ghana yesterday became the first country in Africa, and one of only a few countries in the world to launch a Universal QR Code to accelerate electronic payments.

Dr Addison speaking at the launch in Accra said; “Broadly, the universal QR code and the Proxy Pay solutions have the potential to become game changers by supporting merchants to accept payments from customers of different financial institutions and non-bank entities”

“These solutions would also speed up digitization of payments to distributors, wholesalers, suppliers, as well as encourage users and merchants to accept and use electronic payments. This will provide a further boost to the financial inclusiveness through digitisation agenda.”

The Governor adds that, the key component of inclusivity and adoption of electronic payment options is public confidence which ultimately requires a well-coordinated approach by all stakeholders in the payment eco-system to create the needed awareness of such innovative electronic payment products through intensified public education campaigns.

“Among others, such campaigns should focus on the convenience of going ‘cashlite’ and the ease with which such electronic payments can support daily transactions such as transport fares, purchases from the traditional markets, restaurants, hospitals, schools, and so on,” he added.

Vice President, Dr. Mahamudu Bawumia on Wednesday, 25 March 2020, under the auspices of the Ghana Interbank Payment and Settlement Systems Limited (GhIPPS), a subsidiary of the Bank of Ghana, launched the Universal QR Code and Proxy Pay platforms as part of measures to enhance digitized payments towards government’s cashless agenda.

The launch according to government will go a long way in solving problems of financial inclusion with a target on the informal sector.

The Universal QR Code and Proxy Pay platforms will be implemented by the Ghana Interbank Payment and Settlement Systems (GhIPSS) and will make it possible for all merchants, service providers and institutions to receive payments from bank accounts, Zurich accounts, mobile money wallets or internationally-issued visa or MasterCards instantly.

Additionally, any merchant can have a Universal QR Code: e.g. chop bars, food vendors, barbers, carpenters or masons, market traders, 'trotros', taxis, churches, mosques, schools and among others.