CBK launches QR Code Standard to boost digital payment usage

Thursday 4 May 2023 14:59 CET | News

The Central Bank of Kenya (CBK) has announced the launch and implementation of the Kenya QR Code Standard 2023 to increase the usage of digital payments.


The Kenya Quick Response Code Standard 2023 (KE-QR Code Standard 2023, or the Standard) is set to guide how Payment Service Providers (PSPs) and banks (institutions) that are regulated by the CBK are going to issue Quick Response (QR) Codes to consumers and businesses that accept digital payments.

Digital payments and what the KE-QR Code Standard 2023 entails

QR Codes are machine-readable codes that consist of an array of black and white squares which contain information that provide an alternative option to initiate and accept digital payments carried out by customers at various points of sale, such as supermarkets, general stores, and shops, among other outlets.

Based on the announcement information, the implementation of the Standard together with the use of standardised QR Code-enabled payments is set to bring forth practical benefits to businesses and customers alike. Customers can now carry out digital payments in an easy, fast, convenient, and secure manner by leveraging QR Codes, whereas previously, they had to manually input different payment codes and numbers, which created friction and cumbersome payment processes prone to errors.

The Central Bank of Kenya has announced the launch and implementation of the Kenya QR Code Standard 2023 to increase the usage of digital payments.

What is more, the Standard is going to promote inclusion by enabling institutions of various sizes and customer focus to increase digital payment adoption. In the long run, the usage of standardised QR Codes is to facilitate the launch of innovative products and deepen the advantages already leveraged by customers carrying out payments across varied institutions and mobile money networks (interoperability).

With a basis on the EMVCo QR Code Specification, the Standard has been developed following a collaboration amongst the CBK, PSPs, banks, and card schemes, among others, with the announcement detailing that it is set to be rolled out in a phased approach as these players align their operations with the requirements set out in the Standard and boost customer awareness.

As per the information provided in the press release, the issuance of the Standard marks an important step towards the implementation of the National Payments Strategy 2022 – 2025. Launched in February 2022, the Strategy looks to support the adoption of key standards and align Kenya’s National Payment System to global best practices, among others.

Together with the launch of the QR Standard, Kenya is joining other markets that have had the standardised approach to issuing QR codes for facilitating payments implemented, with these countries including the Philippines, Jordan, South Africa, Singapore, Bahrain, Saudi Arabia, India, and China.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: product launch, payments , digital payments, digitalisation, QR code, QR payments, payment methods, PSP, banks, card scheme, fintech, financial services, banking, mobile money, POS, ecommerce, Issuer, financial inclusion
Categories: Payments & Commerce
Companies: Central Bank of Kenya
Countries: Kenya
This article is part of category

Payments & Commerce

Central Bank of Kenya

Discover all the Company news on Central Bank of Kenya and other articles related to Central Bank of Kenya in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events