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.
It will allow merchants to receive digital payments without the use of Point of Sale devices. Countries that recently introduced the platform include Singapore, India and China. Ghana will, therefore, become the first country in Africa to embrace that payment system.
Vice President Dr Mahamudu Bawumia announced this at the opening of the maiden Mobile Technology for Development (MT4D) Conference in Accra on Tuesday.
The two-day event provides a platform for stakeholders within the financial, technology and development sectors in the country to deliberate, exhibit solutions and take stock of innovations within the digital financial ecosystem.
It is on the theme: “Leveraging Mobile Technology to Drive Financial Inclusion,” being organised by the Ghana Chamber of Telecommunications and the Financial Inclusion Forum Africa, a policy think tank in the financial sector.
It attracted policy-makers, regulators, bankers, payment system providers, electronic money issuers, and development partners with the objective to advance the country’s financial inclusion and ultimately attain a cash-lite society.
With the 137 per cent mobile phone penetration coupled with about 15 million mobile money wallets, representing 90 per cent of the country’s adult population, Ghana was at the threshold of leapfrogging many other countries worldwide in financial inclusion, which would reduce poverty and enhance economic growth, the Vice President said.
He said government was committed to leveraging on technology to advance the country’s economic security and, thus, entreated the Ministry of Communications and other related agencies to strengthen cyber-security protocols in the quest to transforming and modernising the economy.
