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CBK Unveils Game-Changing System in Mobile Money Payments; How It Works

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The Central Bank of Kenya (CBK) on Wednesday, May 3, launched a Kenya Quick Response Code (KE QR CODE) payment system to be used by businesses across the country including supermarkets, general stores, shops and other outlets.

In a statement, CBK noted that the new payment interface will allow one to send money to an individual, or a business by simply scanning a QR code.

The move seeks to accelerate the adoption of cashless transactions and further adopt a quicker and more efficient way of initialising and accepting digital payments across the country.

“Kenya’s Standard QR Code will be known as the Kenya QR Code abbreviated as “KE-QR”.

“The Code will promote customer convenience and security, as well as support future interoperability amongst different payment service provider platforms,” CBK noted in a statement.

How it Works

The QR code consists of black and white squares that contain information that will provide an alternative option for initiating and accepting digital payments at various points of sale.

CBK explained that the information contained by the QR code includes the business name and other unique identifiers including the transaction currency and amount to be paid.

Use of the code will ensure that the privacy of the client is protected because users do not have to share private information including phone numbers, identity numbers or email addresses.

“The codes usually contain the merchant’s information such as the merchant’s business name, unique identifiers for merchants’ payment service providers, and transaction currency and amount.

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