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

Flower Exports Contested Despite UKs Tariff Break, as Rivals Thrive

When the United Kingdom (UK) exited the European Union (EU), it introduced tariffs on...

Climate Action Essential Rise Above Politics

This year's United Nations Climate Change Conference (COP29) in Azerbaijan's capital...

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

Bound by Debt, Government's Costly Love Affair with State Bloat

Nov 16 , 2024

In the realm of public finance, balance sheets speak louder than rhetoric. In such do...

Policy Bargain in Franco Valuta a Double-Edged Sword in the Forex Debacle

Nov 9 , 2024

Ethiopia's foreign exchange debacle resembles a tangled web of contradictions and con...

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...

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

Finding My Body Back, A Year Later

For many women, becoming a mother is a transformative experience that reshapes our priorities, self-perception, and connection to our bodies...

Mud-slinging Supermarkets Time for a Wash-up

At least four days a week, my family and I visit supermarkets in the capital to buy groceries. We frequen...

Life Matters

Human Face of Public Service

There are certain promises we make to ourselves—things we swear never to do again. I had made such a promise about taking the city bus. An...

Spinning Hope of Digital Services

Digital services have become integral to our daily lives, offering unparalleled convenience and efficiency. From mobile banking to online sh...

Back
WhatsApp
Telegram
Email