Ghana will this year launch a new payment method using the universal QR codes.

The universal QR code is the world’s first interoperable payment acceptance solution and provides customers with an easy option for digital payment on business transactions, which reduces the technological challenges associated with operating cash-lite society.

The universal QR code will allow merchants to receive digital payments without the use of Point of Sale devices and countries that recently introduced the Code platforms include Singapore, India and China.

Vice President Dr Mahamudu Bawumia announced this at the closing ceremony of the 2019 Diaspora celebration and Homecoming Summit in Accra.

"This year, there's going to be also a remarkable introduction into Ghana of a universal QR Code for payments. This will help us move further into the cashless direction because there will be no longer any need for merchants to have point of sales devices, with the QR Code platform, all they need is a mobile phone and even a "yam phone" will work,” Dr Bawumia explained.

The Vice President noted that with mobile phones one could make payments and it would go directly to the bank account of the merchants.

The Summit recognised and celebrate the immense contributions to nation-building and focus on present contributions as well as furthering the advocacy for political, economic, and all other systems and policies that would facilitate future contributions by the Ghanaian Diaspora.