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Vice President Mahamudu Bawumia predicted that the rapid evolution of Ghana's payment system as part of the digitization program would soon make the controls obsolete in the payment of goods and services.
Speaking at the closing ceremony of the 2019 summit of the diaspora on Saturday, the Vice President pointed out that with the introduction of mobile money interoperability, the use of checks is declining.
Currently, mobile money payments account for 70% of payments and checks are constantly losing ground for electronic payments.
The vice president indicated that the check situation would only worsen with the imminent introduction of a universal QR code for payment platform in Ghana, which would result in an instant payment and a account credit. Checks will slowly become obsolete in Ghana, as is the case in countries like Namibia.
Thanks to the universal QR code, Ghanaian merchants will no longer need a point-of-sale terminal to receive their payments. They will only need a cell phone. Merchants as small as street vendors will be covered by the universal QR code. Their bank accounts or mobile money will be instantly credited.
"If your account can be credited instantly, why are you going to worry about checks?" the vice president questioned.
Countries that have recently introduced the universal QR code system include Singapore, India and China.
The launch of the mobile phone interoperability system by the Bank of Ghana, last May, by the Bank of Ghana, the Interbank Payment and Settlement System (GHIPSS) aimed to eliminate the complexity and inconvenience of transfers on different mobile networks. This makes possible the accelerated growth of the cashless economy envisioned by the Akufo-Addo administration.
Last year, the average transactions with the introduction of interoperability of mobile money was established at about 280,000 transactions, a difference of more than 200%. Money transfers between mobile networks were made approximately 2.2 million times between May and December last year.
The interoperability system for mobile money is of paramount importance to Ghanaians as it saves time and reduces travel expenses to the agent. The recipient gets instant access to the digital currency.
This is safer because there is already a growing body of research that shows that when a company uses less money, the crime rate goes down and the feeling of personal safety decreases.
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