Customers in the country will now be able to make digital payments in an easy fast convenient and secure manner using Quick Response Code (QR).
This is after the Central Bank of Kenya on Wednesday unveiled a new QR Code Standard for facilitating digital payments.
The Quick Response Code standard 2023 (KE-QR Code standard 2023) will ensure convenience, choice, security and interoperability among the payments institutions.
CBK in a statement on Wednesday said the standard will guide how Payment Service Providers and institutions regulated by the CBK will issue quick response codes to consumers and businesses that accept digital payments.
According to CBK, customers previously had to manually input different payment codes and numbers hence creating friction and cumbersome payment processes that are prone to errors.
“The standard will also promote inclusion by enabling institutions of various sizes and customers focus to increase adoption of digital payments,” CKB said.
CBK said in the long-term use of standardized QR codes will facilitate the launch of innovative products and deepen the benefits already enjoyed by customers making payments across various institutions and mobile money networks.
With the launch of the QR standard, Kenya joins leading markets that have implemented the standardized approach to issuing QR codes for facilitating payments.
The countries include Philippines, Jordan, South Africa, Singapore, Bahrain, Saudi Arabia, India and China.
“The standard will be rolled out in a phased approach as these players align their operations to requirements set out in the standard and increase customer awareness,” CBK said.
QR codes are machine-readable codes consisting of an array of black and white squares containing information that provide an alternative option for initiating and accepting digital payments made by customers at various points of sale such as supermarkets, general stores and shops among other outlets.