The Central Bank of Kenya (CBK) on Wednesday announced the issuance and implementation of the Kenya Quick Response Code Standard 2023.
The Standard will guide how Payment Service Providers and banks (institutions) regulated by the CBK will issue Quick Response (QR) Codes to consumers and businesses that accept digital payments.
The Standard will also promote inclusion by enabling institutions of various sizes and customer focus to increase the adoption of digital payments.
You May Also Like
In the long term, using standardised 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.
The Standard has been developed through collaboration between CBK, Payment Service Providers, banks, and card schemes, among others. The Standard will be rolled out in a phased approach as these players align their operations to the requirements set out in the Standard and increase customer awareness.
“QR Codes are machine-readable code 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, shops, among other outlets,” said CBK.
The implementation of the Standard, and use of standardised QR Code-enabled payments, will bring practical benefits to businesses and customers.
Customers will also be able to make digital payments easily, quickly, conveniently, and securely using QR. Previously, customers had to manually input different payment codes and numbers, creating friction and cumbersome payment processes prone to errors.
With the launch of the QR Standard, Kenya is joining other leading markets that have implemented the standardise.
More Stories
Kenya Railways Announces Additional SGR Trips to Meet Rising Passenger Demand
Father Jailed for 30 Years for Defiling Stepdaughter
KRA Appoints George Obell as Commissioner for Micro and Small Taxpayers Department
Gospel Artist Betty Bayo Passes Away
Bishop Emeritus Philip Sulumeti Passes Away at 88
