FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo

Cracking the Code, Digital Payments Get a Dose of Sanity

Nov 7 , 2024

Consumers will be able to make digital payments to merchants using any participating bank or payment provider, regardless of which entity generated the QR code, beginning in December 1, 2024.

Regulators at the National Bank of Ethiopia (NBE) have mandated the adoption of a standardised digital payment QR code for all payment service providers, unifying the fragmented landscape of proprietary QR codes currently in use. NBE wants to see secure, interoperable, and consistent QR code transactions across the country. Earlier this year, it released the Interoperable QR Code Standard, detailing specifications for QR code generation, placement, and transaction flows. This standard is based on EMVCo specifications, a global technical framework that facilitates worldwide interoperability and acceptance of secure payment transactions. The EMVCo standards incorporated into the new system are designed to protect against fraud, addressing security gaps that might exist in closed-loop systems.

The national payment switch, EthSwitch, will operate the underlying infrastructure needed for QR code interoperability.

Allowing richer transaction data, including details such as merchant name, city, transaction amount, and purpose of the transaction, thr standardised QR codes are upgrades from existing closed-loop systems like TeleBirr, which rely on simple identifiers like merchant numbers and limit the information conveyed in the QR code.

The enhanced data capabilities are expected to improve transparency, facilitate reconciliation, and enable more sophisticated payment use cases.



Related Posts

Share This Post
Linkedin
Google+


Most read

Latest News

Editor's pick

Commentaries

Education Shortfalls Trap a Generation in Poverty

Learning poverty, defined by the World Bank as the inability of children to attain fo...

Prosperity Requires a Healthy Planet

Progress on poverty reduction has slowed almost to a standstill in recent years. With...

Fineline

Leaders of the National . . .

Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...

When the country’s most. . .

When the country's most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or two...

Editorial

Addis Abeba Withering as Noise, Air Pollutions Choke the 'New Flower'

Nov 2 , 2024

Addis Abeba, fondly dubbed a 'New Flower,' is wilting under the weight of unchecked u...

Mercato Inferno Lays Bare Ethiopia's Vulnerabilities to Disasters

Oct 26 , 2024

When flames devoured parts of Mercato, residents watched helplessly as decades of toi...

Floating the Birr Makes It Struggle to Keep Its Head Above Water

Oct 20 , 2024

Central Bank authorities have unveiled no less than six new guidelines to fine-tune t...

With the Horn Edging to the Brink, Regional Leaders Should Extol Trust

Oct 12 , 2024

In his inaugural address on October 27, 2024, Taye Atseqesellasie, the fifth presiden...

Gallery

Parliament Approves New Cabinet Members

Oct 6 , 2021

Parliament Approves New Cabinet, Incorporates Opposition Leaders Lawmakers have approved today the nominations of 22 ministers, including three opposition leaders. Two MPs have voted against, while 12 abstained...

2020 in Posterity

Jan 5 , 2021

TIGRAY VOTES DESPITE "NULL & VOID" THREAT

Sep 9 , 2020

IN-PICTURE: LAUREATE'S RECEPTION  

Dec 14 , 2019

PM Abiy Ahmed (PhD) at a Gala Dinner Called for the Awarding of the Félix Houphouët-Boigny Peace Prize

May 6 , 2019

Faces, Voices of Addis Abeba

Apr 26 , 2019

Sunday With Eden

Crushing Weight of Unemployment

A few years ago, I met a couple deeply in love. The woman was multilingual, holding a post-graduate degree from the United States, while the...

Compromising on Child Nutrition: At What Cost?

At pediatric offices, churches, and social gatherings, I usually find myself in conversations with other...

Life Matters

Power of a Simple Ask

I found myself in a desperate situation last week, completely out of water at home. With a growing thirst that could not be quenched, I turn...

Is Home Where the Heart is, or Where Opportunities Are?

There was a time when the allure of America captivated me, as it has for many peers chasing the famed Ame...

Back
WhatsApp
Telegram
Email