The Kenya Quick Response (QR) Code Standard 2023 payment method was released on Wednesday, May 3rd by the Central Bank of Kenya (CBK).
Payment service providers, Financial Institutions, and Card Schemes all worked together to launch the QR code standard. They are Visa, Mastercard, PesaPal, FSD Kenya, and Safaricom as well as Equity Bank, ABSA, KCB and Co-operative Bank
The CBK claims that its regulated Payment Service Providers and banks (institutions) would use the Standard to provide QR Codes to consumers and businesses that engage in digital monetary transactions.
Quick Response (QR) codes are a type of machine-readable code made up of a series of black and white squares that can be used to store information and can be used to make and receive digital payments. According to a statement released by CBK, both businesses and consumers will profit from the widespread adoption of the Standard and the use of QR Code-enabled payments.
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According to a statement released, Customers can use QR codes to make safe, quick, and convenient digital payments. Payment operations were previously frictional, time-consuming, and error-prone due to the need for clients to manually input various payment codes and numbers.
The Standard will also advance financial inclusion by facilitating widespread use of digital payments by institutions of varying sizes and client focus. I
The publication of the Standard is a significant milestone in CBK’s efforts to put into effect the National Payments Strategy 2022-2025. The plan was launched in 2022 and serves as a framework to direct both the existing payment services and those that will emerge in the future.
Kenya is now one of the leading markets to embrace the standardized technique of providing QR codes in order to facilitate payments. This brings Kenya in line with other leading markets like India, Philippines, Jordan, Singapore, Bahrain, South Africa, Saudi Arabia and China .