The world now is becoming a global village and as such Ghana is set to create a universal QR code making them the first West-African country to achieve this feat. Digital payment is one way of ensuring the growth of financial inclusion and more startups are looking for ways to proffer inclusive payment solutions online.
The Ghanian government announced that it will be creating a new payment system known as the “Universal QR Code”by March 24, 2020. The goal of this payment system is to enable customers to have access to an easy option for business transactions that require payments to be done digitally.
This QR code that Ghana is set to create was stated in an announcement made by Dr. Mahamudu Bawumia, the Vice President of Ghana at the maiden edition of the Mobile Technology for Development (MT4D) Conference which was held in Accra on Tuesday.
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At the conference themed “Leveraging Mobile Technology to Drive Financial Inclusion,” Dr Bawumia reiterated the government to leverage on technology for the promotion of the economic security of the country and also urged the Ministry of Communication and other affiliated agencies to intensify the rules of cyber-security in the pursuit to reshape the economy.
The Vice president also said,
“With the 137 per cent mobile phone penetration coupled with about 15 million mobile money wallets, representing 90 per cent of the country’s adult population, Ghana was at the threshold of leapfrogging many other countries worldwide in financial inclusion, which would reduce poverty and enhance economic growth”.
It is important to note that the Universal QR Code is the first payment acceptance solution that allows a system to interact with another system and provides customers with a simple alternative for digital payment on business transactions which will help lessen technological trouble that comes with operating a cash-lite society. It also provides a way to receive digital payments without the use of Point of Sales (POS) devices for merchants.
Countries like Singapore, India, China recently introduced this platform.
Culled from: FinancialTechAfrica
