The Ghana Interbank Payments and Settlements System (GhIPSS) reports that in March, it will unveil the Universal QR (Quick Response) code for Ghana as an attempt to fast track electronic payment transactions.
The innovation is a sequel to the initial/former payment system that allowed customers to only interact with their banks at a Point of Sale.
Archie Hesse (Chief Executive of GhIPSS), reports:
the QR code alternative is aimed at allowing merchants receive payment from various consumer funding sources on any platform.
This Universal QR code system will not be restricted to a particular financial institution or technology partner but this QR code system can be used by all. Funds can leave any bank account, any banks wallet and be lodged into any merchant’s bank account or wallet and this once again rides on the platform that the bank of the merchant, individual or wallet is with and it doesn’t matter which bank you’re with you have the possibility to make transactions .
At a media event in Accra, Archie Hesse reported the Ghana Interbank Payments and Settlements System to introduce a Proxy Pay system, which will enable organizations and individuals to pay money into others’ bank account via telephone number (for individuals) or name (for corporate enterprise) instead of an actual bank account.
He also included the GhIPSS plans to unveil the ACH Direct Credit Near Real-Time version, as an attempt at enabling people receive their money in real-time even after close of business for the day.
He explained that on an average, such kinds of transfers would reflect in the receiver’s account 15 minutes earlier than the current time it takes for cash to hit the receiver’s accounts.
The Vice President disclosed in November, that the government will launch a new Universal QR Code to leverage on technology geared at attaining a cashless society next month.
He further stated that when the Universal QR Code is launched, it will avail businesses and traders the opportunity to put away Point of Sale (PoS) devices to make electronic transactions as it would have become obsolete.
Next month, Ghana will launch the Universal QR Code which will just leverage on the technology that we have built for electronic payments. Essentially, all businesses and traders will no longer need Point of Sale (PoS) devices but rather, their mobile phones will be sufficient for them to receive and make electronic payment transactions”
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