CBK Unveils New QR Code For Digital Payments
The Central Bank of Kenya (CBK) in collaboration with telecommunication and banking partners on Wednesday launched the Kenya Quick Response Code (KE QR Code).
CBK in a statement noted that the code will help enhance the use of cashless transactions and promote interoperability among payment service providers.
This means Kenyans will be able to pay for goods and services at shops and supermarkets by scanning a Quick Response code using their mobile devices.
QR Codes are machine-readable codes that provide an alternative option for initiating and accepting digital payments made by customers at various points of stores.
The move is part of the National Payment System Vision and Strategy for the period 2021-2025, which emphasizes the standardization of payments.
The Kenya Quick Response Code Standard 2023 (KE-QR Code Standard 2023) will guide how Payment Service Providers and banks regulated by the Central Bank of Kenya (CBK) issue QR codes to consumers and businesses that accept digital payments.
The standard will see payment service providers such as Safaricom, and Airtel Money, as well as banks, issue QR Codes to merchants that accept digital payments.
Kenya joins leading markets that have already implemented QR codes to facilitate payments.
The countries include the Philippines, Jordan, South Africa, Singapore, Bahrain, Saudi Arabia, India, and China.
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Tags: Cbk Safaricom Signstv Qr Code Airtel Money
