CBK Introduces QR Code Standard for Payments in Kenyan Shops
Soon, Kenyans will be able to make purchases at stores and supermarkets by scanning a Quick Response (QR) code with their mobile devices.
This is a result of the launch of the Kenya Quick Response Code Standard 2023 on Wednesday by the Central Bank of Kenya (CBK) and various players in the telecom and banking industries.
Payment service providers (PSPs) like Safaricom, Airtel Money, and Pesaflow, along with banks like KCB Equity and Absa, will issue QR Codes to merchants who accept digital payments.
Customers will use the M-Pesa, Equity, and KCB mobile banking apps to scan the merchant’s QR code and pay.
ALSO READ: Nancy Onyango: IMF Director Running for CBK Governor.
The customer will then confirm the merchant’s information and initiate the transaction by entering his or her PIN.
Similar to money transfers and withdrawals, the customer will be notified via SMS or the app when the payment has been processed and will be able to download the receipt.
The product represents a significant step forward for cashless payments in Kenya. Where customers previously had to manually enter various payment codes and numbers.
In instances where a customer misspells a merchant’s payment code. A common issue with digital payments, QR payment eliminates the error.
According to CBK, the standard is based on the globally-recognized EMVCo QR Code Specification. And will be implemented in phases as PSPs, banks, and card schemes align their operations with its requirements.
Kenya now joins the Philippines, Jordan, South Africa, Singapore, Bahrain, Saudi Arabia, India, and China, among others, in adopting the standardized QR code payment method.
CBK Introduces QR Code Standard for Payments in Kenyan Shops
HEY READER. PLEASE SUPPORT THIS SITE BY CLICKING ADS. DON’T FORGET TO HIT THE NOTIFICATION BELL FOR MORE UPDATES AROUND THE GLOBE.
