The Central Bank of Kenya has communed behemoth technology partisans within its local digital landscape to launch a standard for quick response code application in the local market sphere. The KE-QR Code Standard will lead FinTech innovation where partisans experience interoperable services to lead financial inclusion via the instant response and policy standards.
The Kenyan apex bank drafted the KE-QR Code Standard 2023 posing as a regulatory policy obliged to commune inland FinTech service providers to be a partisan of processing the seamless QR codes. The CBK issued the in-house Banking and Payment Services Department to initiate the QR Code Standard innovation toward the future of financial inclusion via emerging technology applications to unify the digital landscape at large.
The CBK has reportedly partnered with Safaricom, Equity Bank, ABSA, KCB, Co-operative Bank, Visa, Mastercard, PesaPal, and FSD Kenya into developing a standard QR Code universal network. The universal QR code standard is an accessible and interoperable utility innovation in FinTech solutions powered by the domestic apex bank to unify the digital landscape via technology innovation.
The Kenya QR Code Standard 2023 (KE-QR) generates universal codes that can be accessible by scanner registered with the listed partners the Kenyan apex bank consorted. According to the KE-QR code standard, the likes of the MPesa app, Safaricom app, KCB, and other FinTech providers can scan the KE-QR codes to remit funds seamlessly.
Still, the Kenyan apex bank is yet to comment if the KE-QR codes can access any scanner to process payment.
However, other merchant accounts in Kenya can also request a payment solution via scanning the KE-QR codes to access other business accounts managed by commercial banks partnered with the Kenyan apex bank to publish the QR code policy for seamless transactions.
The code will contain the merchant’s information such as business name, unique identifiers for the merchants’ payment service solutions, transaction currency, and amount. The CBK reported that collection will be permitted for further growth of the QR code standard through accessible analysis derived from the KE-QR program.
The data collection protocol on the KE-QR code standard is based on a data analysis collection campaign the Kenyan apex bank intends to access which will impact optimal policies consented on consumer protection and other policies related to FinTech providers and their users.
The KE-QR code standard is a guided policy to follow up the previous National Payments Strategy drafted by the inland apex bank to be active through 2022-2025. Still, the KE-QR code standard by the CBK is an ideal innovation scheme designed to lead seamless banking solutions per convenience, choice, security, and interoperability among the local payments service providers.