Ghana’s Vice President, Dr. Mahamudu Bawumia just unveiled a universal quick response code (QR Code) payment system. Bawumia believes the payment innovation will be a game-changer in the government’s plans to transform Ghana into a cashless society.
Speaking at the unveiling, Mahamudu disclosed that the universal QR Code payment system simply lets a customer make payment for goods and services to a merchant from a mobile wallet or a bank account straight from a smartphone.
His words, “Even for merchants that accept electronic payments, there is no interoperability across the different banks or across the different telcos. If there is a merchant that has been acquired by Vodafone for example, then an MTN customer is not able to use their mobile account to pay that merchant. Also, if Ecobank has acquired a merchant, a GCB customer cannot use the Ecobank terminal to pay from their GCB account. So, there is no interoperability. Our goal is to make a secure, convenient and low-cost financial service available to the vast majority of people and to solve the pain point of traditional financial institutions. In China and many parts of Asia, the universal QR code has come as the solution to these problems that I have been talking about.”
“When you go to the merchant with a universal QR Code, as long as you have a bank account from any financial institution or a mobile money account from a telco, you’ll be able to pay the merchant regardless of which bank or telco has acquired the merchant or service provider instantly.”