What if making a payment for your shopping in a supermarket was as easy as scanning a QR code? Well, this will soon be the reality as Mastercard to unveil QR payment code in Uganda. Technology advancements, with their endless possibilities, are constantly working to make life as simple as possible.
The QR payment code will enable cashless payments from mobile phones by simply scanning a Mastercard QR Code. This announcement was made during the fourth virtual Annual Bankers’ Conference that was held last week.
Raghar Pradad Division President, Sub-Saharan Africa said, “We are looking to launching the QR payment code in Uganda.” This QR payment code will increase digital inclusion by simplifying the payment process.”
How QR payment codes work
As a customer, you could be shopping at your favourite supermarket. In the process of paying, you have to open the phone camera or the relevant QR code scanner app. Afterwards, you have to scan the code that is displayed on an individual product, paper bill, or at a store’s checkout. And your payment will instantly be received.
Raghar praised Uganda for its immense progress towards financial and digital inclusion as access to formal and informal financial services has increased over the years.
The use of QR codes is witnessing a surge in Africa and the Middle East region where its total usage jumped from 12% in 2017 to 18% in 2018. Worldwide, QR codes are playing a huge role as they allow businesses to accept digital payments without investing in hardware such as point of sale terminals.
This makes the payment process faster and even more secure. Starting with the use of credit and debit cards, evolutions in technology are now creating the pace for faster and more secure payment processes between merchants and their customers.
“Currently, we are keenly looking forward to launching an innovative QR code-based payments in Uganda to replicate the success from our pilot in a neighbouring country, where today, one can even pay for a Boda Boda ride using QR technology.
No timeline has been set for when this innovation will be launched in Uganda however Mastercard hopes to see it grow widely across a variety of sectors.
In Uganda, the global payments service provider is also assisting smallholder farmers in gaining access to markets and banking services. The Division President for Sub – Saharan Africa said, “We’ve partnered with Alliance of Bioversity International and CIAT and the US African Development Foundation under the Mastercard Farmers Network to help smallholder farmers access markets, valuable inputs, and financial services in Uganda.”
Mastercard partnerships with telecom companies
In April this year, the company invested $100 million in Airtel Mobile Commerce BV, Airtel Africa’s mobile money business to boost its growth. The two companies have partnered together on various deals before where they worked together in 2019 to launch the Airtel Money Mastercard virtual card.
This would connect millions of Airtel Money customers to a global online marketplace, across multiple digital payment use cases and provide access to Mastercard’s global network of merchants.
Airtel Uganda unveiled the first-ever ‘Airtel Money Mastercard’ in collaboration with Mastercard in January. The card was created to allow Airtel Money customers make payments to local and global online merchants even those that don’t have bank accounts. The customers will get access to merchants that accept Mastercards like GooglePlay, Amazon, Alibaba, Uber, Netflix, and Ali Express.
MTN partnered with Mastercard and UBA to enable online payments for MTN MoMo users in 16 countries in the Sub-Saharan region in Africa.
This move would connect Mastercard’s virtual payment solution to MoMo customers’ accounts, allowing them to make payments to well-known global e-commerce brands for items like travel, lodging, shopping, entertainment and streaming services.