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Business News of Tuesday, 11 February 2020

Source: www.ghanaweb.com

QR code to make road side purchases, 'trotro' services easy - Dr Bawumia

Vice President, Dr Mahamudu Bawumia, says Ghanaians will soon start buying ‘Kofi brokeman’, pay for tro-tro services, amongst other payments with the introduction of the Universal Quick Response (QR) code.

The move follows steps by government to accelerate electronic payment transactions through the roll out of the Universal QR code for Ghana in March this year by the Ghana Interbank Payments and Settlements Systems (GhIPSS)

According to Dr Bawumia, Ghana must take further advantage of the benefits of technology and digitisation in reaching for a major frontier of financial inclusion.

"Soon we will be buying 'Kofi brokeman,' paying for tro-tro services, paying rent and for stuff in the market with our QR Code. Singapore launched a QR Code system in 2018. Ghana will be about the only country in Africa with a QR Code system."

"It is our determination that Ghana will not be left behind in the fourth Industrial Revolution and our human resource development, our financial sector development should focus broadly on building an inclusive system that opens the landscape for innovation and deepening of both the public and private sector environment."

"Thanks to the Bank of Ghana and GHiPSS, Ghana will launch a Universal QR Code payments system next month. This will make it possible for all retailers to receive payments on their mobile phones without the need for Point of Sale device."

The Vice President said this at the launch of the Absa Ghana Bank Limited on Monday, February 10.

Earlier, Chief Executive of GhIPSS, Archie Hesse, explained that the QR code solution will enable merchants to receive payment from various consumer funding sources on any platform.

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