The Vice President, Mahamudu Bawumia, has launched Ghana’s Universal Quick Response (QR) Code and Proxy Pay system in Accra. While QR CODE payment systems have been implemented in many countries, very few countries have successfully implemented a Universal QR CODE.
With this launch, Ghana becomes the first country in Africa, and the third in the world (after Singapore and India) to launch a Universal QR Code.
The QR Code and Proxy Pay systems are designed to make secure, convenient and low-cost financial service available to the vast majority of people and to help address challenges associated with the current payment systems available.
“It will make it possible for all merchants, service providers, and institutions to receive payments from bank accounts, ezwich accounts, mobile money wallets or internationally issued visa or MasterCards instantly,” Dr. Bawumia stated at the launch.
The launch of the Code, which takes away the need to handle cash for transactions, could not have come at a better time, Vice President Bawumia indicated, as the world battles with the deadly coronavirus pandemic Covid-19.
“The science says that there is a risk of transmission from every item that our hands touch. In a cash dominant economy such as ours, the risk inherent in the transmission of the coronavirus through banknotes is something we should be concerned about.
“This means that once the use of cash diminishes, the risk of the spread of the Covid-19 through banknotes will also diminish.
It is therefore important that we do everything we can to expedite the wholesale use of electronic payment channels. It is now clear that electronic payments also have health benefits” he emphasized.