April 13, 2021 All Things Fintech in Africa

Ghana Launch a Contactless Payment System Curb the Spread of COVID

 

The Vice President of Ghana, Dr. Mahamudu Bawumia has launched a contactless payment system to encourage the adoption of an alternative payment, and curb the spread of COVID. The platforms; universal QR Code and Proxy Pay were launched to help enhance digital platforms and promote a cashless society. With this launch, which took place on Wednesday, March 25, 2020, Ghana becomes the first country in Africa, and the third in the world (after Singapore and India) to launch a Universal QR Code. The digital platforms were pioneered under the auspices of the Ghana Interbank Payment and Settlement Systems Limited (GhIPPS), a subsidiary of the Bank of Ghana, 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 solve the pain points of traditional finance institutions.

In a statement by Dr. Bawumia during the launch, he buttressed on the need of a convenient and flexible payment system:

“The Universal QR CODE 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.”

The Universal QR code solution works like a barcode, which allows Ghanaians to scan displayed QR code at a supermarket to complete payments.  Amid the coronavirus pandemic, the platform will ensure Ghanaians go cashless completely and limit the use of physical cash to mitigate the spread of the virus.

How they work?

  • The Universal code is an interoperable payment acceptance solution, which reduces the need of cash. Customers just need to scan a displayed QR code at store or supermarket with their phones.
  • Merchants can receive digital payments without the use of Point of Sales devices. Once a merchant has a QR code, the customer can scan the code with their smart phones or dial the USSD number to make payment.
  • For a Proxy Pay, every bank account would be given a phone number to be a proxy for the bank account number for individuals or a chosen alias for companies. So, Ghanaians  can make payments to one’s bank account through the phone number, which very much similar to mobile money.

 

 

Banner
Related Posts

With Wallet you can Upgrade your Daily Personal and Financial Experience

April 25, 2019

April 25, 2019

  Wallet is an app that enables you to make quick financial decisions daily. With ease and convenience, banking has...

MTN in a Partnership with Ericsson has launched an Open API platform in Ghana

October 24, 2019

October 24, 2019

  Introduction MTN mobile money fondly known as MOMO has expanded to Ghana. The open API platform launched is to...

WorldRemit Goes to a Partnership with AliPay

February 1, 2020

February 1, 2020

WorldRemit Goes to a Partnership with AliPay On January 22, Alipay entered a new partnership with  WorldRemit, a online remittances...

Nigeria’s Paga Acquires Apposit

February 1, 2020

February 1, 2020

Paga is a multi-channel platform for users to transfer money, pay-bills, and buy things digitally. The company has 14 million...

Five Online Payment Platforms in Nigeria and How to Use Them

April 5, 2019

April 5, 2019 3

I would be writing on Five Online Payment Platforms in Nigeria and How to use them to make transactions on...

Paga Announces a Partnership with Visa

March 18, 2020

March 18, 2020

Paga has partnered with Visa to provide secure and convenient mobile payments solutions. The collaboration will enable Paga and Visa...

MTN Mobile Money Wallet Users Can Transfer through Western Union Directly

November 1, 2019

November 1, 2019

Cross-border transfer has been made easy with the new launch of western union on MTN mobile money wallet.  In this...

KudiGO, a Ghaianian startup, that builds solutions for the consumer retail industry, plans expand to Nigeria .

February 1, 2020

February 1, 2020

KudiGo started operations in November 2018, providing an integrated, mobile-based retail, payments, accounting and analytics engine for the consumer retail...

FlutterWave  yet again secures a $35 million series round and a Partnership with WorldPay

January 24, 2020

January 24, 2020

  FlutterWave, a San Francisco and Lagos-based fintech startup has secured a $35 million Series  B round  and a partnership...

Zazu Raises $1.4m in an attempt to expand their user base

December 11, 2019

December 11, 2019 1

  Zazu fully started as a digital banking space in 2107.  Previously, Zazu was a platform where farms could connect...

How To Make Interswitch Payments Using Your Mobile Phone

April 16, 2019

April 16, 2019

How To Make Interswitch Payments Using Your Mobile PhoneMaking payments using your mobile phone can be a real headache. Trust me, I know. From USSD codes to apps and even websites, everything misbehaves at one point or the other.

Chipper -Cash Expands to Nigeria

October 22, 2019

October 22, 2019

  Introduction:  Chipper-cash, the n0-fee, cross border payment startup has expanded to Nigeria.  It is based in San Francisco, with...

PayPal Introduces Invoice API for Online Sellers

August 16, 2019

August 16, 2019

Introduction:                                                                                    Paypal have be able to identify the challenges most small and medium businesses face from: cash flow management,...

Verifyme Secures a Series A Funding from Consonance Investment Manager

January 31, 2020

January 31, 2020

VerifyMe Nigeria, an ID verification and KYC technology company,  has secured a Series A financing for an undisclosed amount from...

Paga, Nigeria’s Mobile Money Operator Crosses 1.5 Trillion Naira in Transaction

August 12, 2019

August 12, 2019 1

Paga, Nigeria’s Mobile Money Operator Crosses 1.5 Trillion Naira in Transaction Value Earlier today, the CEO of Paga, Nigeria’s foremost...

Comments
Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.