Government has launched what it says is the first unique Quick Response (QR) payment system in the world, Thursday.

In a facebook live at a popular waakye (local dish) joint in Accra called ‘Aunty Muni’ Cedidollar.com monitored what may likely speed up Ghana’s cashless agenda and transform Ghana’s payment system right from big supermarkets to table top entrepreneurs across the country.

The Vice President Dr Mahamudu Bawumia and his team, including the Communications Minister Ursula Owusu bought the waakye and paid Aunty Muni using the universal QR system without exchanging physical cash.

Even though the QR payment system is quite popular in India, Singapore, Dr Bawumia insists Ghana’s version is the first and most unique in many significant ways.

According to him, while India’s system allows for the operation of QR only within the banks and other financial sector, Ghana’s version is robust and decentralized which makes it possible for shoe shine boys, ‘table-top’ business men and women, ‘trotro’ mates, super market owners, business tycoons to use.

“It is a very historic day. We are solving a major problem in Ghana. It is historic because Ghana will be the country in Africa to launch a QR code payment system and we are also the third in the world to launch after India and Singapore. However, Singapore and India, their QR codes only cater for bank customers but ours will cater for both bank and non bank customers that is those who use mobile money as well as have bank accounts

“In this regard Ghana’s QR code is unique and it’s the first of its kind in the world and we have to be proud as Ghanaians that we are using technology to solve a problem that exists,” he stated.

What is the QR code

The QR code is a type of barcode which makes it possible for people to market and share information through mobile technology and other electronic platforms.

Its payment platform is so unique, it allows a buyer to swipe or scan the QR code on that of the seller without exchanging money.

The Vice president says the payment system will limit to the barest minimum the use of cash, within the economy and minimize the negative effects that come with the use of money including armed robbery and the spreading of viruses through the use of cash.

For it to be successful, individuals, companies, business men and women must, in consultation with their banks or telcos, first download their QR codes in order to be able to transact business with it.

How did Ghana’s QR Code start?

Dr Bawumia said Ghana has since independence operated inefficient cash based economy which has its own adverse implication.

At a time when the world is experiencing a global pandemic, the vice president said the physical cash is believed to have hastened the spread of the virus, adding, the cash based economy is largely restrictive.

With a lot of cash in the system, a lot of robberies are committed, he said.

“Ever since we came into government we have been thinking about how to solve this problem. We have attacked this in two ways. We have implemented the mobile money interoperability, the first of its kind… and beyond this we brought the QR code,” Bawumia added.

Explaining how the government was able to pull it off, the vice president said it took the collective effort and collaboration from all stakeholders, ie. Banks, Telco’s to make this work.

It’s Free

“For anybody who uses the QR to make a payment, it is free. And anybody can set up a QR code for just around 50 pesewas. If you are a merchant and you need to set up a QR code you can speak to your bankers or telcos and have a QR code. We encourage all merchants to request for a PR code. It is an inclusive model that we are implementing,” he stated.

He said even if a merchant does not have smart phone but has a ‘yam’ phone the QR code can be used.

Already 13 banks, including Fidelity, CBG, ADB, Absa, Vodafone, Airtel have already gone live with their QR codes, the Vice president announced.

Click the link and watch the launch of the QR Code payment system. Cedidollar does not have the right to the link.

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