RegTech

GhIPSS to Introduce QR Code Payment System in Ghana in 2020

The Ghana Interbank Payments and Settlements System (GhIPSS) says it will in March this year roll out the Universal QR (Quick Response) code for Ghana with an aim to accelerate electronic payment transactions.

The move follows an initial system that restricts customers to only deal with their banks at a Point of Sale (PoS).

According to Chief Executive of GhIPSS, Archie Hesse, explained that the QR code solution will enable merchants to receive payment from various consumer funding sources on any platform.

“This Universal QR code system will not be restricted to a particular financial institution or technology partner but this QR code system can be used by all. Funds can leave any bank account, any banks wallet and be lodged into any merchant’s bank account or wallet and this once again rides on the platform that the bank of the merchant, individual or wallet is with and it doesn’t matter which bank you’re with you have the possibility to make transactions,” he told reporters.

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Speaking at a media engagement in Accra, Archie Hesse said his outfit will also introduce a Proxy Pay system, which allows organisations and individuals to pay money into others’ bank account by using the receiver’s phone number (for individuals) or name (for corporate) instead of a bank account.

Mr. Hesse added that the GhIPSS will as well introduce the ACH Direct Credit Near Real-Time version, which would enable people to receive their money in real-time even when offices have closed.

Such transfers, he noted, “would hit receiver’s account approximately 15 minutes earlier than the current time it takes for cash to hit receivers’ accounts.”

Earlier in November 2019, Vice President Dr. Mahamudu Bawumia disclosed that government will launch a Universal QR Code to leverage on technology geared towards a cashless society next month.

According to him, the Universal QR Code when launched, will allow businesses and traders to do away with Point of Sale (PoS) devices to make electronic transactions.

“Next month, Ghana will launch the Universal QR Code which will just leverage on the technology that we have built for electronic payments. Essentially, all businesses and traders will no longer need Point of Sale (PoS) devices but rather, their mobile phones will be sufficient for them to receive and make electronic payment transactions,” he earlier said.

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