To facilitate speedy and easy digital payments, Kenya has launched a Quick Response (QR) Code Standard.

The Central Bank of Kenya (CBK) says the KE-QR Code Standard 2023 will guide payment service providers and finance institutions that are regulated by the bank on how to issue QR codes to consumers and businesses that accept digital payments.

The Standard has been set up with input from payment service providers, banks and card schemes, reports Africa Business Communities.

‘Customers will now be able to make digital payments in an easy, fast, convenient and secure manner using QR. Previously, customers had to manually input different payment codes and numbers, hence creating friction and cumbersome payment processes that are prone to errors,’ the CBK says.

The Standard will promote interoperability, allowing merchants to accept payments from multiple channels including banks, mobile money wallets, and other payment processors such as Visa or Mastercard, according to the CBK.

The launch of the Standard also marks an important milestone in the implementation of the CBK’s National Payments Strategy 2022–2025.

9 May 2023
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