Successfull Projects

There is continuous growth in the volume of instant pay, emphasising customers’ preference for real time payment. Until recently, payments in Ghana except cash, took at least three days for the recipient to get value. But that has since changed with the introduction of mobile money, express payment services and more importantly the GhIPSS Instant Pay (GIP).

GIP allows customers to transfer or receive money instantly through the banking system, using any of the electronic payment platforms such internet banking or mobile banking. According to the 2019 performance of electronic payment products report released by Ghana Interbank Payment and Settlement Systems (GhIPSS), the volume of GIP based transactions shot up in excess of 1,200 percent from 144,000 in 2018  to 1.9 million last year.

The growth in instant pay volumes has been consistent since it was launched, showing customers preference for real time payments. The Chief Executive of GhIPSS Archie Hesse has described GIP as, “as good as cash but even more secured”, suggesting that customers’ preference would keep growing.

In line with the obvious interest in real time payments, GhIPSS has set out to roll a number of other real time payments this year. Speaking during a recent interaction with the media in Accra, Mr. Hesse said there was going to be enormous focus on real time payment products. He spoke of the planned launch of a universal QR code payment which will ensure customers can use their phones to scan merchants QR codes and make instant payments. Another real time product that GhIPSS has lined up for the year, is christened Proxy Pay. This service will link individual customers’ phone number to a bank account, such that payments can be made instantly by just typing in the phone number instead of the 13 digit account number. Proxy Pay is to ensure easy payments as phone numbers are easy to recall and type. However, for corporate organisations, their bank accounts will be linked to their names, so that one can just type in a company’s name and effect payments electronically.

GhIPSS also intends to launch Request to Pay, which will enable customers of service providers to make payments when they receive bills from their service providers. These bills will be received through SMS text message with options for the customer to approve payment with funds from their bank account These real time payments are expected to create more convenience for customers and ensure security of their payments transactions.

Super markets, pharmacies, restaurants and shop owners in general are being asked to start talking to their banks and Fintechs to help them set up to use the QR Codes.

Universal QR Code will be launched in about two weeks. When it goes lives, customers can scan the codes displayed at the outlets with their smart phones to make payment. Customers who do not have smart phones can pay with their feature phones by dialling a code that will also be displayed at the merchant's location.

QR Code is cheap and easy to set up. It is also a quick way to make payment. The Chief Executive of Ghana Interbank Payment and Settlement Systems (GhIPSS) is therefore urging shop owners and businesses in general to ask their banks to set them up so they can also receive payments via QR Codes.

With QR codes, customers can pay from any bank account or any mobile money wallet. This implies that people who do not have cash on them, can still make payments by scanning or dialling the codes depending on whether they are using a smart phone or feature phone. The universal QR code is expected to be a game changer in Ghana’s cash-lite agenda.

Some nine (9) banks are ready to provide QR code services to shop owners and other merchants, following the launch of the electronic payment service on Wednesday. This means that people who want to be set up to use QR Code, can approach them.

The banks which are ready include Ecobank, GCB bank, Consolidated Bank Ghana (CBG), Agriculture Development Bank (ADB) and Zenith Bank. The rest are Fidelity Bank, United Bank for Africa (UBA), Republic Bank and Cal Bank. These financial institutions and others which will come on board later, will work with Fintechs to generate QR codes for merchants.

The Vice President, Alhaji Dr. Mahamudu Bawumia launched the universal QR Code (GH QR) and the Proxy Pay electronic payment services. The two will add on to the plethora of electronic payment channels that the Ghana Interbank Payment and Settlement Systems (GhIPSS) has rolled out over the years.

With the QR code, customers can scan the codes displayed at various shops and other outlets with their smart phones to make payment. Those who do not have smart phones can pay with their feature phones by dialling a code that will also be displayed at the merchant's location. QR Code is cheap and easy to set up. It is also a quick and secure way to make payment.

The Chief Executive of GhIPSS Archie Hesse was grateful to the banks for their support. He urged the remaining banks to quicken their processes and also get on board. Mr. Hesse indicated that shop owners and other merchants can approach any of the 9 banks and get set up to use the QR code. The QR code for payment is simple to set up as it only involves generating unique QR codes which can be a mere sticker posted on the wall of the shops or on a small stand.A wide range of businesses including taxi drivers, small shops, super markets, pharmacies, chop bars, restaurants as well as major service providers can all use QR codes to accept payments.

Feverish preparations are underway for the launch of the universal QR code next month. This is according to the Chief Executive of Ghana Interbank Payment and Settlement Systems (GhIPSS) Archie Hesse.

He said when the universal QR code goes live, banks and Fintechs will help shops, supermarkets, restaurants and other merchants to set it up and display the QR codes so that their customers can scan the codes with their smart phones to make payment.

Customers who do not have smart phones can pay with their feature phones by dialling a code that will also be displayed at the merchant's location.

The GhIPSS CEO explained that the QR code payments can either be made with funds from any mobile money wallet or any bank account.

Vice President Dr. Mahamudu Bawumia gave a hint of the launch of the universal code which he described as a game changer for payments in Ghana.

It will be the first of its kind in Africa. QR codes are less expensive to set up, convenient and easy way to make and receive payment, which will also ensure that every payment made hits the account of the shop owner instantly.

Mr. Hesse urged merchants to start engaging their banks in readiness for the launch.