Payments Developments – Mobile Money, QR Codes in SA and Kenya

The latest mobile money industry report by the Global Systems for Mobile Communications Association (GSMA) shows that global daily transaction value in 2022 surpassed forecasts to hit $3.45 bn, as the total value transacted on mobile money platforms grew by 22% to hit $1.26tn. In East Africa, 41m new mobile money accounts were registered last year, growing the number of transactions by 18%, worth about $491bn. This is 23% higher than in 2021.

The SA Reserve Bank (SARB) agreed to a QR standard recently. The Kenyan Central Bank has now followed suit. In Kenya, the banks’ QR Codes will be scanned using a customer’s smartphone application provided to them by their payment service providers. As this Newsletter reported this year, the SA banks now have a rapid mobile payment system in place – “ShapShop”. We would be delighted to have feed-back from business users – please email me ([email protected]). SARB is also busy asking organisations for comments – EFSA has received 2 invitations recently – a survey on Unregulated or Under-regulated payment activities is scheduled for 1 May; and SARB is also aking for EFSA’s comments on the Electronic Funds Transfers Directive (FAFT) on 7 June.