Interswitch Ltd., a Nigeria-based payments-processing company, expects to expand its quick response or QR codes to drive merchant payments using mobile phones.
“The system is available in Nigeria and Kenya where 255,700 transactions have been made in the two months it's been in operation, and Ghana and Tanzania will be on board within two months,” Interswitch’s Divisional Chief Executive Officer for switching and processing, Akeem Lawal, said.
Barclays Bank of Kenya Ltd., First Bank of Nigeria Ltd., Diamond Bank Plc and Fidelity Bank Plc are using the platform and three other lenders are in the process of being signed on, he said.
“QR has a unique advantage which has been demonstrated in China and India because it is convenient, it is easier to use and the cost of deployment is low,” Lawal said.
Lawal was in Nairobi to promote Interswitch’s use of quick response, or QR, codes to drive merchant payments using mobile phones. While MasterCard Inc. and Visa Inc. already have similar methods, the two companies have agreed to make them interoperable with others and negotiations are underway to add more systems including Safaricom Ltd.’s M-Pesa service.
More than 8,000 merchants have been added since the system’s introduction in July, and Interswitch is targeting to hit 80,000 in 12 months. Customers use their phone’s camera to scan a merchant’s unique QR code displayed on the screen of the card reader to make payments at the till.
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