Telecommunications firm Safaricom has launched a new M-Pesa payment method that will run under the Central Bank of Kenya’s Kenya Universal QR code.
With this launch, customers will now be able to make digital payments in an easy, fast, convenient, and secure manner using QR. The new method is also expected to eliminate the risk of sending money to the wrong recipients.
“The Kenya Universal QR Code is live on the M-Pesa App, M-Pesa Business App and my Safaricom App. We will also enable automatic QR code creation on the Lipa Na M-Pesa Merchant Portal and through APIs on Daraja,” said Safaricom in a statement.
Speaking during the launch of the new M-Pesa payment method, Central Bank of Kenya Governor Dr. Patrick Njoroge said that the new method will greatly improve the time to complete transactions to just a few seconds.
“It will significantly ease the process of making payments in outlets with heavy foot traffic such as supermarkets,” said Njoroge.
Dr. Njoroge added that apart from Safaricom, KCB Bank, Equity Bank, and the Co-operative Bank had also deployed the new Kenya Universal QR Code.
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His sentiments were echoed by Michael Eganza, the Director Banking & Payment Services Department.
“The launch of Kenya QR Code Payment Standards is very important to both Kenyan consumers and merchants. This will ensure the process is seamless for customers and consumers,” said Eganza.
According to the CBK, merchants will experience an easy onboarding process with low infrastructure costs, guaranteed funds and lower risk exposure, plus the potential for new sales and the ability to offer new services such as loyalty and rewards.
The CBK said in a summary on the new method of oayment that customers will be presented with the option to pay using a QR at a merchant point of sale where the codes will be scanned using customers’ smartphone applications provided by the payment service providers.
“The key benefits for a consumer are a simple non-cash alternative, greater protection and safety and an easy-to-use payment solution,” said CBK.
Your writers should not only be quoting what was said but have the capability to explain how that new payment works to us readers.