The Ghana Interbank Payment and Settlement System (GhIPSS), a subsidiary of the Bank of Ghana, says there are no charges for payments made via the universal GhQR code.

Mr Archie Hesse, Chief Executive Officer of GhIPSS, said the no charge coupled with efficiency, convenience and security made GhQR a very convenient payment channel.

Transaction cost remains one of the concerns that the public has against some electronic payment channels.

While efforts are underway to find ways of reviewing transaction cost downwards, the decision to make GhQR transactions free, makes it an attractive non-contact form of payment, especially during the era of the Covid-19 pandemic.

Vice President Mahamudu Bawumia launches the Universal QR code and proxy payment system last year in efforts to promote the cash-lite agenda.

So far, more than 65,000 merchants had enrolled on it with most of the major banks, Electronic Money Issuers and Fintechs offering the service to their customers.

In an interview, Mr Hesse urged businesses to contact their banks or electronic money issuers to help them set up and offer the service.

He explained that many customers would find it most suitable once they get to know about it, adding that businesses which failed to set up, may lose customers.

“Once people get know of the ease of using GhQR and the fact that it comes with no charges, it will become a payment of choice and they are likely to walk away from you if you do not have it in your shop.”

Mr Hesse said GhIPSS with its partners were mounting an intensive awareness campaign about GhQR and expect patronage for the service to experience exponential growth in coming months.

He said a number of activities have been lined up, starting this week to intensify awareness and get people to use and experience the magic of GhQR.

He indicated that the major malls in the country would see a beehive of activities to drive public interest for GhQR and urged businesses to have it set up so customers can have that option when they patronize their goods and services.

GhQR is considered a game changer in the cash-lite agenda, as it is easier to set up, less expensive to manage and currently, payment via the platform has no charges to the customer.

Also, payments made on the GhQR platform hits the account of the merchant or receiver instantly.

GhQR is an electronic payment channel that enables customers to scan displayed QR codes with their smart phones and pay, or dial displayed USSD codes with their phones to make payment.

Ghana’s QR code for payment is universal which means that any customer whose bank or payment service provider offers the service can use it wherever it is displayed.