Ghana will today, March 25, 2020 launch the Universal QR Code and Proxy Pay platforms as part of measures to enhance digitized payments towards government’s cashless agenda.

The launch according to government will go a long way in solving problems of financial inclusion with a target on the informal sector.

The Universal QR Code and Proxy Pay platforms will be implemented by the Ghana Interbank Payment and Settlement Systems (GhIPSS) with the aim of helping Ghanaian businesses accept payments for their goods and services through scanning of universal codes.

Explaining the rationale behind Universal QR Code, Chief Executive of GhIPSS, Archie Hesse said the introduction of a Universal QR Code for all banks will harmonize QR Code payment systems, thereby allowing merchants to receive payments from various consumer funding sources on any platform.

“You would have an app from your bank that is linked to your bank account or to your wallet. That then represents the card and you can use these two instruments to effect payments. So, it is basically a cheaper way of effecting payments. One other advantage of the QR Code is that, it rides on the GIP that is the GhIPSS Instant Pay Reels. So, merchants receive their payment instantly as opposed to the card where merchants receive their payments the following day. So, basically, what we are doing is looking at cheaper ways to make payments easier and more convenient,” he explained.

The Universal QR Code and Proxy Pay platforms according to GhIPSS will also enable Ghanaians observe governments ban on mass gathering in the wake of the coronavirus outbreak.

Meanwhile, all banks in Ghana have their unique QR codes for electronic payments with the situation limiting customer transactions to only use their bank’s QR Code at a Point of Sale. (PoS)