November 27, 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

TeamApt Secures Highest Level of License Awarded to any Fintech by Nigeria’s CBN

April 19, 2019

April 19, 2019

Table Of ContentsTeamApt Secures Highest Level of License Awarded to any Fintech by Nigeria’s CBNTeamApt Secures Highest Level of License...

FlutterWave Partner with AliPay to Foster Payments between Africa and China

August 7, 2019

August 7, 2019 1

FlutterWave, a Lagos-based fintech, has partnered with AliPay, a Chinese e-payment solution to foster digital payments between Africa and China....

PayPal Becomes the First Foreign Company to Secure Chinese Payments License

November 27, 2019

November 27, 2019

  Paypal earns a Chinese Payment License after it gains a 70% stake in Guofbao Information Technology Co (Go Pay)....

6 Facts About Paystack Nigeria You Never Knew Before

April 19, 2019

April 19, 2019 2

6 Facts About Paystack  Nigeria You Never Knew Before As the new kid on the block when it comes to...

ORide; Nigeria’s Bike hailing Service launched by OPay

June 6, 2019

June 6, 2019 1

ORide, a bike-hailing app launched under the hub of OPay intends to make going around Lagos easier. On the average...

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...

Konga Pay : Features you never knew  about and How it Works.

May 7, 2019

May 7, 2019

Konga Pay is a pilot product launched by Konga.com in 2015 for online shoppers.  Shopping on Konga was made easier...

SafriCom has partnered with Ria Money Transfer to Improve International Money Transfers through M-Pesa

January 31, 2020

January 31, 2020

Safaricom has partnered with Ria Money Transfer, to empower more than 26 million M-PESA customers to receive international money transfers...

Uber Launches a Financial Product Known as Uber Money

November 28, 2019

November 28, 2019

  Uber, the ride company has announced a new expansion into a financial product which includes a digital wallet and...

Paga partners with FlutterWave, to Integrate International Payments

March 18, 2020

March 18, 2020

Paga is a Nigerian Fintech Company, that builds solutions to make it simple for consumers and businesses to access and...

Visa partners with PalmPay to drive financial inclusion across Africa

April 26, 2019

April 26, 2019

Visa partners with PalmPay to drive financial inclusion across Africa Visa, the global payments technology company and PalmPay, a new...

ENaira Wallet; All You Need To Know About the ENaira App in Nigeria

October 26, 2021

October 26, 2021

Table Of ContentsTeamApt Secures Highest Level of License Awarded to any Fintech by Nigeria’s CBNENaira Wallet; All You Need To...

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...

  How to go Cashless with Paga

March 29, 2020

March 29, 2020

 For frequent cash users who are more comfortable with the traditional payment systems, going cashless have built up a sort...

Hollaport Launches in Lagos, Announces its Plan to Deepen Financial Inclusion

July 12, 2019

July 12, 2019

Kabiru Rabiu of BUA Group Launches Hollaport App Kabiru Rabiu, Group Executive Director of Bua Group, a leading Nigerian conglomerate...

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.