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Business News of Monday, 28 June 2021


GhQR transactions are free – GhIPSS boss

Chief Executive of Ghana Interbank Payment and Settlement System, Archie Hesse Chief Executive of Ghana Interbank Payment and Settlement System, Archie Hesse

Payments made via the universal GhQR attract no charges, the Chief Executive of Ghana Interbank Payment and Settlement System (GhIPSS) Mr Archie Hesse has said. According to him, the no-charge and other qualities such as efficiency, convenience and security make it a very convenient payment channel.

Transaction cost remains one of the concerns which the public has against some electronic payment channels. While efforts are underway to find ways of reviewing transaction cost downward, the decision to make GhQR transactions free makes it an attractive non-contact form of payment – especially during the era of the COVID-19 pandemic.

GhQR was launched last year and more than 65,000 merchants have been enrolled onto it, with most of the major banks, Electronic Money Issuers and Fintechs offering the service to their customers.

It is considered a game-changer in the cash-lite agenda, as it is easier to set up, less expensive to manage and, currently, payment via the platform has no charge to the customer. Also, payments made on the GhQR platform hit the account of the merchant or receiver instantly.

In an interview, Mr. Hesse urged businesses to contact their banks or electronic money issuers to help them set up and offer the service. He explained that many customers will find it most suitable once they get to know about it, adding that businesses which do not have it set up may lose customers. “Once people get know about the ease of using GhQR and the fact that it comes with no charge, it will become a payment of choice and they are likely to walk away from you if you do not have it in your shop.”

Mr Hesse said GhIPSS with its partners are mounting an intensive awareness-creation campaign about GhQR, and expect patronage for the service to experience exponential growth in the coming months. He said: “A number of activities have been lined up starting this week, to intensify awareness and get people to use and experience the magic of GhQR”. He indicated that major malls in the country will be a bee-hives of activities to drive public interest for GhQR, and urged businesses to have it set up so customers can have this option when they patronise their goods and services.

GhQR is an electronic payment channel that enables customers to scan displayed QR codes with their smartphones and pay, or dial displayed USSD codes with their phones to make payment. Ghana’s QR code for payment is universal – which means that any customer whose bank or payment service provider offers the service can use it wherever it is displayed.