Dr. Mahamadu Bawumia has launched all-inclusive Universal Quick Response Code (QR Code) system developed for Ghana, as part of efforts by the Akufo-Addo government, to migrate the economy from a cash-based one to a cash-lite one.
It was outdoored at Auntie Muni’s Waakye joint in the morning of Thursday November 19, 2020.
Explaining the functions of the QR Code he said;
“A QR Code, essentially, allows merchants or all people who receive payments, to receive the payments on their mobile phones. So, if you go, you can pay using your mobile phone; the merchant can receive the payment using the mobile phone, instantly”.
“So, you scan the QR Code and then you can confirm that this is the merchant and I’m paying this amount to the merchant, so, it’s very secure in that regard; it is very convenient”, he observed, adding: “We are solving a problem that has been with us practically since independence: we’re a cash-based economy and a cash-based economy is a very inefficient economy and we are cash-based because so many people are excluded from the financial system, so, we do a lot of financial transactions through cash, which means robberies can take place, as people carry cash around”
After buying Waakye for himself and his entourage with QR Code, the Vice President encouraged use it for business transactions because it’s flexible and easy to use by everybody to receive or pay for anything electronically.
“We are here to formally outdoor the Ghana Quick Response Code system or the QR Code, as it is known for short. It’s a very very historic day because we are solving a major problem here in Ghana and it is historic because Ghana will be the first country in Africa, to launch a QR Code payment system; and not only are we the first in Africa, we are also, as far as I’m aware, the third country in the world to do a Universal Quick Response System after Singapore and India”,
“So, in this regard, Ghana’s QR Code system is unique and it is the first of its kind in the world and, so, we have to be rightfully proud as Ghanaians that we have a technology to solve a problem that exists in our society but in doing so, we are really leading the world in this manner and, so, I am very proud here and it has taken collaborative effort”, – Dr. Bawumia said