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.
Fortune News | Aug 22,2020
Viewpoints | Sep 10,2023
Radar | May 15,2021
Agenda | Jul 17,2022
Featured |
Radar | Jun 22,2024
Agenda | Nov 03,2024
In-Picture | Jun 22,2024
Radar | Sep 22,2024
Sponsored Contents | Oct 25,2024
My Opinion | 113770 Views | Aug 14,2021
My Opinion | 109930 Views | Aug 21,2021
My Opinion | 108912 Views | Sep 10,2021
My Opinion | 106736 Views | Aug 07,2021
Nov 2 , 2024
Addis Abeba, fondly dubbed a 'New Flower,' is wilting under the weight of unchecked u...
Oct 26 , 2024
When flames devoured parts of Mercato, residents watched helplessly as decades of toi...
Oct 20 , 2024
Central Bank authorities have unveiled no less than six new guidelines to fine-tune t...
Oct 12 , 2024
In his inaugural address on October 27, 2024, Taye Atseqesellasie, the fifth presiden...