Browsing: digital payment solutions

Amid Africa’s digital transformation, several sectors have pioneered and dominated this move. The continent’s digital money adoption has become one of its most highlighted features since 2002. From Mpesa to Luno and Flutterwave, the era of new payment services has overhauled the continent’s progress. In recent developments, Stitch fintech, a South African payment service, secures $25 million Series A extension funding led by Ribbit Capital.…

• New standard to guide how Payment Service Providers and institutions regulated by the CBK issue quick response (QR) codes.
• Merchants will be able to receive payments from multiple channels such as banks or mobile wallets.
• CBK says long-term use of standardized QR codes will facilitate the launch of innovative products.

Consumers in Kenya can now make digital payments in an easy, fast, and convenient way through quick response codes. This week, the Central Bank issued the Kenya Quick Response Code Standard 2023, also shortened as KE-QR Code Standard 2023. 

The service seeks to boost digital payments, which are offered by multiple financial institutions in the country. Normally, many companies use in-house payments solutions meaning customers can only use vendor-specific channels. Kenya’s financial industry regulator now wants to eliminate that friction through deployment of the new standard.

The regulator said the standard will guide how Payment Service Providers and institutions …