The Central Bank of Somalia (CBS) has unveiled the Somali Quick Response Code (SOMQR), a new EMVCo-based mobile payments standard “that will guide how payment service providers regulated by CBS will issue Quick Response (QR) Codes to merchants and consumers in the country”.
“With the increasing usage of real-time instant payment systems and potential benefits of QR codes, it is deemed opportune to standardize the QR code to bring interoperability,” the central bank says.
“SOMQR will further complement other achievements in the national payment system including RTGS and ACH previously implemented by CBS,” it adds.
“In addition to this, the national QR code will facilitate inter-bank transfers by relieving users from typing in the account number of beneficiaries.
“It will provide swift, convenient, anytime-anywhere payment services which are easy-to-use, simple, secure, fast and cost-effective, promoting seamless and secure payment transactions to accelerate the transition towards cashless society.”
“SOMQR offers person-to-person payments, transfers and government service transactions, such as collection of taxes and fees,” the central bank says.
“Customers from 13 banks and three mobile network operators (MNOs) will have the ability to use their existing mobile apps to instantly exchange funds effectively.”
Central Bank of Somalia introduces national QR mobile payment standard was written by Sarah Clark and published by NFCW.