The Central Bank of Kenya (CBK) has launched a new QR code standard that aims to promote digital payments in the country.
The standard, which was developed in collaboration with payment service providers, banks, and card schemes, will provide a uniform way for businesses and consumers to make and receive payments using QR codes.
QR codes are two-dimensional barcodes that can be scanned by smartphones to quickly and easily access information or make payments. They are already widely used in China and other countries, but have not yet been widely adopted in Kenya.
The monetary authority hopes that the new standard will encourage more businesses to accept QR payments and make it easier for consumers to use them. The standard will also help to reduce fraud and make payments more secure.
CBK says that the new standard is part of its efforts to modernize the country’s payment system and make it more efficient and accessible. The bank is also working to develop other initiatives, such as a national instant payments system, to improve the way Kenyans pay for goods and services.
The launch of the QR code standard is a positive step towards promoting digital payments in Kenya. The standard will make it easier for businesses and consumers to use QR codes, which could help to boost the adoption of digital payments in the country.