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9 banks ready for QR Code

Some nine banks are ready to provide QR code services to shop owners and other merchants, following the launch of the electronic payment service on Wednesday. 

They are Ecobank, GCB bank, Consolidated Bank Ghana (CBG), Agriculture Development Bank (ADB) and Zenith Bank. 

The rest are Fidelity Bank, United Bank for Africa (UBA), Republic Bank and Cal Bank. 

The Chief Executive of GhIPSS Archie Hesse who disclosed this said these financial institutions and others which would come on board later would work with Fintechs to generate QR codes for merchants.

Mr Hesse indicated that shop owners and other merchants can approach any of the nine banks and get set up to use the QR code.

The Chief Executive of GhIPSS Archie Hesse was grateful to the banks for their support.

He urged the remaining banks to quicken their processes and also get on board. 

 The Vice President, Alhaji Dr Mahamudu Bawumia launched the universal QR Code (GH QR) and the Proxy Pay electronic payment services. 

The two will add on to the plethora of electronic payment channels that the Ghana Interbank Payment and Settlement Systems (GhIPSS) has rolled out over the years.

With the QR code, customers can scan the codes displayed at various shops and other outlets with their smart phones to make payment. Those who do not have smart phones can pay with their feature phones by dialling a code that will also be displayed at the merchant’s location. QR Code is cheap and easy to set up. It is also a quick and secure way to make payment.

The QR code for payment is simple to set up as it only involves generating unique QR codes which can be a mere sticker posted on the wall of the shops or on a small stand.

A wide range of businesses including taxi drivers, small shops, super markets, pharmacies, chop bars, restaurants as well as major service providers can all use QR codes to accept payments. 

BY KINGSLEY ASARE

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