The Kenyan government wants its banks and payment operators to work together.
Yesterday, it announced the launch of the Kenya Quick Response Code Standard 2023, or the “KE-QR Code Standard 2023”.
Pay with QR codes: The KE-QR is simple. It will offer all payment service providers regulated by the Central Bank of Kenya (CBK) the ability to process payments using QR codes. According to the CBK governor, Patrick Njoroge, merchants will now be able to receive payments from multiple channels, be they banks (Equity, KCB, Cooperative Bank, Absa, and more), mobile money wallets, and other payment processors such as VISA and Mastercard.
For consumers, this means that, instead of using debit cards, USSD codes or transfers to pay for stuff, they can simply scan a single QR code and pay.
Will QR Codes work though? The CBK states that the KE-QR will allow consumers access to fast and easy payments without the hassle and friction of previous payment processes.
QR codes—those black and white square boxes—are just links on a picture. That means after scanning, customers still have to click links and enter some details. From the basic definition of QR codes, it doesn’t seem like there will be much difference. At this stage, the CBK is still implementing the QR codes, but once TechCabal tries it out, we’ll be able to share more on whether the KE-QR is truly a better payment alternative.
Source; Tech Cabal