Central Bank of Nigeria modifies QR code payments

Wednesday 6 July 2022 09:17 CET | News

The Central Bank of Nigeria (CBN) has announced a significant adjustment to the QR Code Framework procedure, allowing both merchants and consumers to pay via QR codes.

Prior to the change, the implementation of QR code payments in Nigeria was only based on the Merchant-present mode, where merchants presented a generated QR code for buyers to accept in order to successfully complete a payment transaction.

The CBN mentioned that it will continue to monitor industry developments and issue further guidance when necessary, following its nation-wide plan for digitalisation.

QR code payments are easy and secure, since all the data transferred via QR codes is encrypted. Even though QR codes store a lot of data, when scanned, the tool allows the user to access information instantly, making payments fast and hassle-free. Currently, participants in the QR Code Payment in Nigeria count for merchants, customers, and official issuers (banks, MMOs, and financial institutions).

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Keywords:	QR code, QR payments, regulation, mobile payments, online payments, instant payments, central bank
Categories:	Payments & Commerce
Companies:	Central Bank of Nigeria
Countries:	Nigeria

This article is part of category

Payments & Commerce

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